(a) A business organization shall pay to the department the outstanding balance of any loan, including interest thereon, or the full amount of any grant made to it under any program administered by the department if such business organization or division thereof relocates outside of the state during the term of such loan or prior to the expiration of three years after the award of such grant, or such longer period of years specified in any agreement or contract for the provision of such grant.
(b) Payment shall be made to the
department no later than thirty days after a
business organization relocates outside of the state.
If payment is not received by the department within such thirty day period, such business organization shall pay interest monthly on the amount due and owing the department at a rate to be determined by the commissioner not to be less than one percent (1%) above the interest paid by the State of Connecticut on the latest general obligation bonds issued prior to the date such payment was due to be made to the department. Interest shall be charged on the outstanding balance until payment is made in full to the department.
Notes
Conn. Agencies Regs. §
32-5a-2
Effective October 25, 1990
