The Economic Development Finance Authority is removing three outdated loan provisions and updating references to state law. Specifically, the Authority is eliminating rules about using loan proceeds to refund municipal obligations, removing the "first-come, first-served" funding priority language, and deleting guaranty requirements from the collateral definition (while keeping guaranty rules elsewhere in the regulations). The changes also correct statutory cross-references throughout the rules to reflect current law and simplify the regulatory language.
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The effect of the rules will be to repeal unnecessary provisions relating to loans made by the Economic Development Finance Authority. The proposed rules will also make technical corrections to certain statutory cross-references.
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