R.C.S.A. § 32-150-5
Termination (Repealed)
Cite as Conn. Agencies Regs. § 32-150-5
The Commissioner may terminate the Interest Rate Subsidy and/or accelerate the direct
loan under any of the following:
(a) if he determines that all or part of the Business has been removed from the State
or that there are pending plans to remove all or part of said Business from the State,
or
(b) if he determines at any time that the Employee Group no longer meets the eligibility
criteria set forth in Section 32-150-2a of these regulations, or
(c) if he determines the Employee Group is in default of its obligation to make any payment
of principle or interest due under an Eligibile Loan or Direct Loan and said default
has not been cured under any applicable cure provision of such Eligible Loan, Direct
Loan or the agreement of the Interest Rate Subsidy.
(d) if he determines that the Business has acted or failed to act in a manner that results
in a significant violation of federal, state, or local laws or ordinances, creates
or causes the facilities to become a public nuisance, fails to maintain and insure
the business facilities and equipment, or fails to pay all taxes, assessments and
other charges, allows any change in the nature of the occupancy, use or operation
of the Business which is inconsistent with the application for subsidy, or sells,
assigns, conveys, leases or otherwise disposes of any real estate, equipment or capital
stock acquired with a subsidized loan or Direct Loan.