Section 2-9 - Security Interest (a) The Board may require a first position security interest in the revenue generating facility and the dedicated source of repayment. - (i) Applicant shall collect the dedicated source of repayment for the term of the loan, or until the loan is paid in full.
- (ii) If assessments are included as part of the dedicated source of repayment, applicant shall establish an annual assessment equal to, or greater than, the amount of the annual debt service payment on the loan. This assessment schedule will be filed on or before February 15th of each year for the full term of the loan, a copy of which will be sent to the Office.
(b) If the Board has required a lien on the facilities, the applicant shall: - (i) Maintain adequate insurance on the facility
- (ii) Pay all applicable taxes and assessments when due
- (iii) Maintain the facility in good condition.
- (iv) Applicant shall collect the dedicated source of repayment for the term of the loan, or until the loan is paid in full.
- (v) If assessments are included as part of the dedicated source of repayment, applicant shall establish an annual assessment equal to, or greater than, the amount of the annual debt service payment on the loan. This assessment schedule will be filed on or before February 15th of each year for the full term of the loan, a copy of which will be sent to the Office.