8.97.1502 INTEREST RATE REDUCTION FOR LOANS FUNDED FROM THE COAL TAX TRUST
(1) The board will provide an interest rate reduction to for-profit borrowers and non-profit borrowers based on the number of jobs the loan generates over a two-year period. A borrower who used the proceeds of a loan made pursuant to 17-6-309 (2) , MCA, to create jobs is entitled to a job credit interest rate reduction for each job created in the four-year period provided for in 17-6-311 (4) (a) , MCA. The reductions will be made pursuant to 17-6-318 , MCA.
(a) The local government borrower must make application in writing to the board providing satisfactory evidence of the creation of jobs and certify that the interest rate reduction will pass through to the business creating jobs; and
(b) The non-profit borrower must make application in writing, through its financial institution, to the board providing satisfactory evidence of the creation of jobs and certify that the interest rate reduction will pass through to the business creating the jobs.
(2) A job credit interest rate reduction may not be allowed for a job created by the borrower using the proceeds of the loan for which the salary or wage is less than the minimum wage provided for in 39-3-409 , MCA.
(3) If the borrower eliminates 10 or more qualifying jobs, the board may increase the interest rate commensurate with the number of qualifying jobs eliminated, if it is determined that such increase is in the best interest of the board's programs.
(4) For purposes of calculating the size of the permanent coal tax trust fund, the board shall include all funds listed in 17-5-703 (1) , MCA.
History: Sec. 17-6-308, 17-6-324, MCA; IMP, Sec. 17-6-304, 17-6-308, MCA; NEW, 1988 MAR p. 2214, Eff. 10/14/88; AMD, 1989 MAR p. 977, Eff. 7/28/89; AMD, 1990 MAR p. 503, Eff. 3/16/90; AMD, 1992 MAR p. 1013, Eff. 5/15/92; AMD, 1995 MAR p. 1796, Eff. 9/15/95; AMD, 1997 MAR p. 1361, Eff. 8/5/97; AMD, 2000 MAR p. 470, Eff. 2/11/00.