37D-9 Line of credit. The department or, with the approval of the director, an agency may contract with a financial institution for one or more lines of credit in amounts and for periods as the legislature shall from time to time determine. The department, an agency, or the department on behalf of a requesting agency, may borrow under a line of credit and use the amount or amounts borrowed to pay the cost of the improvements, use, or acquisition of real or personal property comprising a project. Upon the execution and delivery of a financing agreement to refinance the amount or amounts borrowed under the line of credit, the department or the agency that is party to the financing agreement shall apply the proceeds thereof to the repayment of any amount or amounts. [L 2001, c 200, 1; am L 2007, c 126, pt of 1]

 

Note

 

This section is new. Former 37D-9 renumbered as 37D-10.

 

 

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