60-11-1213. Administration of loans. (1) The department shall develop forms and application procedures to enable a person to secure a loan authorized by 60-11-1211. Loans may only be made to persons the department determines to be capable of repaying the loan. The department shall develop criteria for this determination.
     (2) Preference in making loans shall be given to persons who intend to use the loan proceeds in such a manner as to create new jobs in Montana.
     (3) The loan agreement may provide for a reduction in loan interest with the reduction proportional to the amount of time the rolling stock is located in Montana. The interest rate may not be reduced below the level required to meet obligations on the bonds or required by agreement with the bondholders.

     History: En. Sec. 13, Ch. 565, L. 1979.