Pennsylvania § 3006 - Loans for industrial development projects.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 3006 — Loans for industrial development projects., with citation guidance and answers to common questions.
§ 3006. Loans for industrial development projects.
The authority may contract to loan an amount not to exceed 50% of the cost of establishing an industrial development project, subject to the following conditions:
(1) Before making the loan, the authority shall determine that:
(i) the borrower is responsible to assume all obligations imposed by the authority in connection with the project, financial or otherwise, and to undertake the operation of the project; and
(ii) the borrower has obtained from other independent and responsible sources a firm commitment for any funds which, in addition to the loan and any other property or assets held by the borrower, are necessary for the completion and operation of the project.
(2) The authority shall determine the interest rate and repayment period of the loan.
(3) The loan must be evidenced by note of the borrower, and secured by a mortgage on the project for which the loan was made, subordinate only to the mortgage securing the first lien obligation issued to secure the commitment of funds provided to pay the cost of the project from the independent and responsible sources, and used in the financing of the project.
(4) The authority may require additional security as it may deem necessary.
Frequently Asked Questions About Pennsylvania § 3006
What does Pennsylvania Consolidated Statutes § 3006 cover?
Section 3006 ("Loans for industrial development projects.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 3006?
A common citation format is "Pennsylvania Consolidated Statutes § 3006" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 3006 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.