4 Pa. Code § 113.103 - Proceeds of loan
(a) Proceeds of
the loan may be used for land acquisition, or facility construction and
modernization specifically described on the loan application and loan
agreement. If proceeds of the loan are to be used for land acquisition,
approval will be granted only under the condition that construction begins
within 6 months.
(b) Proceeds of
the loan may be used for the refinancing of debts incurred with a lending
institution or contracts entered into after November 4, 1975 and shall be used
for the construction or modernization of facilities.
Notes
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