In assisting Iowa small businesses through the loan program, the authority may do any of the following:
1. Make loans, secured and unsecured, for both the acquisition and the construction of projects on terms the authority determines. The authority may take any action which is reasonable and lawful to protect its security and to avoid losses from its loans. Before making a loan, the authority shall find that the proposed project shall result in one or more of the following:
a. The creation of jobs in Iowa.
b. Increased revenues for the borrower from a more modern or expanded facility.
c. Providing a service facility needed in the community where the project will be located.
2. Acquire, hold, and mortgage personal property and real estate and interests in real estate to be used as a project.
3. Purchase, construct, improve, furnish, equip, lease, option, sell, exchange, or otherwise dispose of projects under the terms the authority determines. However, in the lease, sale, or loan agreement relating to a project, the authority shall provide for adequate maintenance of the project.
4. Grant a mortgage, lien, pledge, assignment, or other encumbrance on a project, revenues, or reserve or other funds established in connection with obligations, or with respect to a lease, sale, or loan relating to a project, or a guaranty or insurance agreement relating to a project, or an interest, secured or unsecured, of the authority in a project or part of a project.
5. Provide that the interest on obligations may vary in accordance with a base or formula authorized by the authority.
6. Contract for the acquisition, construction, or both of a project or part of a project and for the leasing, subleasing, sale, or other disposition of a project in a manner determined by the authority.
7. Cooperate with the Iowa department of economic development and use its facilities to assist and encourage organizations in Iowa communities in the promotion and development of small business prosperity in those communities.
[82 Acts, ch 1173, § 5]
C83, § 220.63
C93, § 16.63
Referred to in § 16.1, 16.61
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