§ 10-10-106. SAME - REQUIREMENTS.

(a)

Limits. The Director of Economic and Workforce Development may lend, guarantee, or grant to businesses up to 90% of the cost of:

(1)

The acquisition of land and buildings;

(2)

The construction, reconstruction, rehabilitation, repair, and improvement of buildings;

(3)

The cost of acquisition of machinery and equipment; and

(4)

Working capital.

(b)

Term - Maximum of 10 years. The term of a loan or guarantee made under this title may not exceed 10 years.

(c)

Same - Exception. The 10-year term limitation under subsection (b) of this section does not apply to funding for special projects under § 10-10-102(c) of this title.

(d)

Security for loans and guarantees. To perfect and protect the county's financial position, the Department of Economic and Workforce Development, the Office of Budget and Finance, and the Office of Law shall require the recipient of a loan or guarantee under this title to secure the loan or guarantee by:

(1)

Appropriate notes;

(2)

Security agreements;

(3)

Financing statements;

(4)

Mortgages or deeds of trust; or

(5)

Any other documents or instruments.

(e)

Annual examination of books.

(1)

The recipient of financial assistance under this title shall arrange to have an annual audit of its books, accounts, and records by a certified public accountant.

(2)

The recipient shall deliver a copy of the audit to the Director of Economic and Workforce Development and the Director of Budget and Finance.

(3)

If the recipient fails to arrange the audit, the Director of Budget and Finance or the Director's designee may examine, at the expense of the recipient, the accounts and books of the recipient, including its receipts, disbursements, contracts, leases, investments, and any other matters relating to its finances, operation, and affairs.

(f)

Modification. If they concur, the Director of Economic and Workforce Development, the Director of Budget and Finance, and the County Administrative Officer may modify the financial assistance requirements established in this section.

(g)

Notice of intent to the Council.

(1)

The Director of Economic and Workforce Development, through the County Administrative Officer, shall provide written notification to each member of the County Council of the Director's intent to provide financial assistance under this title.

(2)

If the Director has not received a written notice from the Council objecting to the Director's intent within 7 days after the day that the Director's notice is delivered to the Council members, the Director of Economic and Workforce Development may proceed to provide financial assistance as described.

(h)

Report to the Council. The Director of Economic and Workforce Development shall provide each member of the County Council with a quarterly report that outlines the financial assistance that has been provided through the Department of Economic and Workforce Development.

(1988 Code, § 15-355) (Bill No. 149-93, § 1, 11-22-1993; Bill No. 49-96, § 9, 7-1-1996; Bill No. 66-96, § 2, 6-7-1996; Bill No. 83-00, § 2, 7-1-2004; Bill No. 71-13, § 1, 2-3-2014)