§ 113.103. Proceeds of loan.
(a) Proceeds of the loan may be used for land acquisition, or facility construction and modernization specifically described on the loan application and loan agreement. If proceeds of the loan are to be used for land acquisition, approval will be granted only under the condition that construction begins within 6 months.
(b) Proceeds of the loan may be used for the refinancing of debts incurred with a lending institution or contracts entered into after November 4, 1975 and shall be used for the construction or modernization of facilities.
Source The provisions of this § 113.103 adopted December 23, 1982, effective December 25, 1982, 12 Pa.B. 4333; amended December 18, 1992, effective December 19, 1992, 22 Pa.B. 6019. Immediately preceding text appears at serial page (153423).
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