1. The amounts loaned to a local development corporation by the Iowa department of economic development shall be repaid in full to the department when any of the following occurs:
a. The local development corporation sells the building.
b. The local development corporation leases the building for a period exceeding thirty days.
c. The end of the sixth year after completion of the building's construction.
2. The local development corporation shall report to the department the amount of all moneys received from leasing the building for periods of less than thirty days and that amount shall either be deducted from the amounts to be loaned or remitted to the department as the department determines.
3. All funds received by the department under this section shall be credited to the building loan fund.
4. If a local development corporation is unable to repay a loan as required by subsection 1, the local development corporation may negotiate a repayment schedule with the department.
5. Notwithstanding subsection 3, amounts repaid in accordance with subsection 1 or 4 shall be deposited in the rural community 2000 program revolving fund established under section 15.287.
6. Subsections 4 and 5 are applicable to the repayment of loans made under this division.
[C81, § 28.28]
91 Acts, ch 13, §1
C93, § 15E.28
Referred to in § 15.108, 15E.27
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