1-33B-15 Promulgation of rules.
Promulgation of rules.
The Governor's Office of Economic Development may
adopt rules, pursuant to chapter 1-26, to establish procedures to implement loan, lease, and grant
programs, including programs developed pursuant to the Institutional Conservation Program as
authorized by P.L. 95-691, 92 Stat 3238, 42 U.S.C. 6371, and 10 CFR 455 and for the acceptance
and expenditure of any other funds obtained from federal sources, gifts, contributions, or any other
source. However, no such funds may be expended until appropriated by the Legislature. The rules
Establish the procedures for applicants to apply for loans, leases, or grants under this
Establish the criteria for determining which applicants will receive such loans, leases, or
Establish the use of proceeds of such loans, leases, or grants;
Establish the criteria for the terms and conditions upon which such loans, leases, or grants
shall be made, including the terms of security given, if any, to secure loans or leases;
Establish the use of proceeds by lenders of funds advanced to such lenders under this
section, including the terms and conditions upon which such proceeds shall be loaned to
borrowers for the purposes described in this section;
Establish the criteria for the lease and purchase plans, determining the type of equipment
and the terms under which it may be leased;
Establish the criteria and procedures for the repayment and redeposit of loan and lease
Establish the criteria and procedures for monitoring use of loan or grant funds and leased
equipment, including on-site review; and
Establish the criteria and procedures for terminating the loan, lease, or grant in case of
violations of rules established under this section governing the use of funds loaned or
granted or equipment leased.
SL 1991, ch 16, § 5; SL 1994, ch 410 (Ex. Ord. 93-9), § 17; SL 2009, ch 1, § 124; SL 2011,
ch 1 (Ex. Ord. 11-1), § 95, eff. Apr. 12, 2011.