260.115. Loans for energy resource development, requirements--fee charged, when--deposit in and use of energy resources insured loan fund.

MISSOURI STATUTES AND CODES

260.115. Loans for energy resource development, requirements--fee charged, when--deposit in and use of energy resources insured loan fund.

Loans for energy resource development, requirements--fee charged,when--deposit in and use of energy resources insured loan fund.

260.115. 1. All loans authorized under section 260.035 forthe development of energy resources shall be made only upondetermination by the authority that loans are not otherwiseavailable, either wholly or in part, from private lenders uponreasonably equivalent terms and conditions. No commitment for aloan shall be made unless all plans for development have beencompleted and submitted to and found to be satisfactory by theauthority.

2. The authority shall charge a reasonable fee on all loansnot federally insured to insure such loans. The proceeds of suchfees shall be deposited in a separate fund to be known as the"Energy Resources Insured Loan Fund". The provisions of section33.080, RSMo, to the contrary notwithstanding, money in this fundshall not be transferred and placed to the credit of generalrevenue. This fund shall be deposited when received in a bankapproved for deposit of state funds. No moneys shall bewithdrawn from the fund unless it is to be used for the purchaseof loan insurance or to pay for any losses on such loans.