Ala. Admin. Code r. 305-5-4-.05

Current through Register Vol. 43, No. 1, October 31, 2024

Section 305-5-4-.05 - Powers And Duties Of The Region

The Regions shall:

(a) Establish or recapitalize base funds and use it to access federal base funds, foundation grants or loans or to leverage private sector financing for local economic development projects.

(b) Develop rules and regulations to establish Regional RLFs to be used as initial or "seed" capital, long or short term fixed assets, equipment, or working capital in order to improve, develop or finance existing or expanding business or industry which will preserve or create employment.

(c) Develop rules and procedures for utilization of the principal and interest payments which will accrue to the Regional RLFs.

(d) Develop reasonable administrative cost procedures for servicing loans and for the administration of each regional RLF. Costs may be paid from fees, charges, interest or fund balances.

Authors: David S. Barley, Jr.; Dr. Don C. Hines.

Ala. Admin. Code r. 305-5-4-.05

Filed November 19, 1990; effective December 24, 1990.

Statutory Authority: Act 90-650, Legislature of the State of Alabama.