N.Y. Comp. Codes R. & Regs. tit. 21 § 2605.8

Current through Register Vol. 46, No. 50, December 11, 2024

Section 2605.8 - Security requirements

In order to secure financial assistance from the fund in the form of a loan, a project sponsor must meet the following minimum credit standards:

(a) For project sponsors that are municipalities, each loan must be secured by a bond issued by the municipality which represents a valid and legally binding general obligation of such municipality for which its full faith and credit has been validly pledged.

(b) For project sponsors that are businesses, the project sponsor must demonstrate a long term investment grade credit rating of "A" or better, or a letter of credit from a bank rated "A" or better, or bond insurance from a company with a claims paying ability of "A" or better.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 2605.8