Sec. 32-278. Restrictions.
Sec. 32-278. Restrictions. Financial assistance from a regional revolving loan
fund shall not be made available for:
(1) Projects that would result in the relocation of any business operation from one
municipality within the state to another, except when the regional corporation notifies
each municipality from which such business operation will be relocated and each municipality agrees to such relocation;
(2) Projects of newspapers, broadcasting or other news media; medical facilities,
libraries, community or civic centers; or public infrastructure improvements;
(3) Refinancing any portion of the total project cost or other existing loans or debts
of an applicant, except for the purpose of transferring to the employees or to other
local interests ownership of a company that would otherwise depart from or cease or
substantially reduce operations in the state;
(4) Providing funds, directly or indirectly, for payment, distribution, or as a loan,
to owners, partners or shareholders of the applicant enterprise, except as ordinary income
for services rendered; and
(5) Retail projects, except where the regional corporation finds there will be an
increase in net new permanent jobs.
(P.A. 92-236, S. 19, 48.)