Sec.32-9f-8a. Disbursement and use of proceeds

Latest version.

(a) Disbursement of the loan shall be made at the discretion of the Commissioner in accordance with the provisions of the commitment and the instructions of the Authority.
(b) Loan proceeds shall be used only to pay for labor and material, and equipment rental on specific contracts. The loan proceeds, for example, may not be used to repay existing obligations, purchase fixed assets or to finance receivables.

(Effective June 21, 1988)

                    
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