Loans to state or local development corporations (Repealed)

(a) The amount of any loan provided to any one state or local development corporation shall not exceed five hundred thousand dollars. (b) The loan may be repaid upon an amortized schedule of payments or upon demand or upon such other method of payment of principal and interest, if applicable, as the Commissioner considers appropriate in the particular circumstances. (c) The Authority may require the state or local development corporation to provide the Department as security for the loan mortgages or security interests in any of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property, and may further require the Borrower to have executed and delivered to the Commissioner security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidences of security as and in the form required by the Authority. (d) Disbursement of the loan shall be made at the discretion of the Commissioner in accordance with the provisions of the loan agreements and the instructions of the Authority.