§211F-44 - Conditions for procuring of insurance, loan guarantees, or letters of credit. - Hawaii Statutes

     [§211F-44]  Conditions for procuring of insurance, loan guarantees, or letters of credit.  (a)  Insurance, guarantees, or letters of credit shall not be procured pursuant to section 211F-42 unless the corporation is assured that the loans, debentures, or leases insured, or guaranteed, or for which letters of credit are issued, shall be used to assist economic development projects that also have significant private sector financial support.

     (b)  Insurance, guarantees, or letters of credit may be procured on such terms and conditions as the corporation, in its sole discretion, shall determine to be reasonable, appropriate, and consistent with the purposes and objectives of this chapter.

     (c)  The corporation shall charge the lender or the borrower, or both, a fee or premium for procuring loan, debenture, or lease insurance, guarantee, or a letter of credit.  Rules for premiums or fees shall be established by the corporation. [L 1990, c 110, pt of §3]