Section 110.80  Loan Agreement

After an Industrial Coal Project has been approved by the Board, the Department and the Borrower shall execute a loan agreement.  The loan agreement shall, at a minimum, require a letter of certification from the Borrower's fiscal officer or accountant stating that State Financing shall be applied only to the Industrial Coal Project, as described in the application and approved by the Board.  The agreement shall include a statement signed by the Borrower certifying that it will comply with the terms and conditions of State Financing provided in connection with the Project and the Program.  The loan agreement may specify actions necessary or appropriate to protect the State's interest in the event of default, foreclosure or noncompliance with the terms and conditions of the loan provided under the Program, including the power to sell, dispose, lease or rent, upon terms and conditions deemed to be appropriate by the Department, real or personal property which the Department may receive as a result thereof. (Section 12 of the Act)