§37D-9  Line of credit.  The department may contract with a financial institution for one or more lines of credit in such amounts and for such periods as the legislature shall from time to time determine.  The department, on behalf of a requesting agency, may borrow under a line of credit and use the amount or amounts borrowed to pay the cost of the improvements, use, or acquisition of real or personal property comprising a project.  Upon the execution and delivery of a financing agreement to refinance the amount or amounts borrowed under such line of credit, the department shall apply the proceeds thereof to the repayment of such amount or amounts. [L 2001, c 200, §1]

 

Note

 

  This section is new.  Former §37D-9 renumbered as §37D-10.