HRS §206M-83
Rules for getting insurance, loan guarantees, or credit letters
The development corporation can only help with insurance, guarantees, or letters of credit if the loans or leases also have significant private money backing. The corporation decides the terms and must charge a fee or premium for this help. It sets the rules for those fees.
borrowersdevelopers
The statute, as written — 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 206M-81 unless the development 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 development corporation, in its sole discretion, shall determine to be reasonable, appropriate, and consistent with the purposes and objectives of this part. (c) The development 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.
Sections this one refers to
§206M-81 Getting insurance or guarantees for loans and bonds
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