(20 ILCS 700/3002) (from Ch. 127, par. 3703-2)
Sec. 3002.
Investment requirements.
Any direct financial assistance
shall:
(a) Be awarded only if other financing with respect to the business project
is provided. Other financing may be in the form of any loan, equity
position, convertible preferred stock, letter of credit, guarantee, limited
partnership interest, bond
purchase or any other form approved by the Department;
(b) Be protected by adequate security.
Financial assistance may be secured by first or second
mortgage positions on real or personal property, by royalty payments, by
personal notes or guarantees, or by any other security satisfactory to the
Department to secure repayment, if required, by the financial assistance
agreement;
(c) Be in such principal amount and form, and contain such terms and
provisions with respect to the property, insurance, repairs, alteration,
payment of taxes and assessments, delinquency charges, default remedies,
additional security and other matters as the Department shall
determine adequate to protect the public interest.
(Source: P.A. 91-476, eff. 8-11-99.)
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