Section 720.8 - Financial assistance (Adm. Code Section 2808-C)(a) When it has been determined by the authority, upon application and hearing thereon in the manner hereinafter provided, that the granting of financial assistance will accomplish the public purposes of this article, the authority may contract to make financial assistance available in an amount not in excess of the cost of such project.(b) Prior to committing itself to provide financial assistance under this section, the authority shall have determined that the person requesting such assistance has obtained from other responsible and independent sources which may include but shall not be limited to the Federal Government, banks, savings and loan associations or otherwise, a firm commitment for all other funds, over and above the amount of financial assistance requested from the authority, which in the aggregate shall be sufficient to cover the entire cost of the project.(c) Any loan, lease, sale, guarantee or other agreement with response to a project shall be for such period of time and shall bear interest at such rate as shall be determined by the authority and may be secured by mortgage on and security interest in the project which such loan, lease, guarantee or other sale agreement relates, or with respect to any other property of the obligor, or any other security which the authority determines to be necessary.(d) Moneys made available for projects by the authority shall be withdrawn from the appropriate funds and paid over to the obligor in such manner as shall be provided and prescribed by the resolutions, rules and regulations of the authority, the loan, lease, sale, guarantee or other agreement and the indenture or agreement of trust, if any, relating to the project.(e) All payments of interest on funds made available for projects and the principal amount thereof shall be deposited by or on behalf of the authority in the appropriate funds.(f) Prior to disbursing any funds for, or committing itself to guarantee any indebtedness relating to, or providing technical assistance for, a project, the authority shall receive an application in such form and having such content as the authority may prescribe from the person seeking such assistance.1929, April 9, P.L. 177, art. XXVIII-C, § 2808-C, added 1982, Dec. 14, P.L. 1213, No. 280, § 2, effective in 60 days.