§ 1803 — Purposes of the authority

§ 1803. Purposes of the authority. The purposes of the authority shall\nbe:\n 1. To assist, promote, encourage, develop and advance the general\nprosperity and economic welfare of the people of the state and to\nimprove their standard of living.\n 2. To improve employment opportunities in any area of the state by\nassisting in financing of:\n (a) the cost of projects for the construction, acquisition,\nrehabilitation or improvement of any new, existing or former (i)\nindustrial or manufacturing plant, (ii) building used for research and\ndevelopment, or (iii) other eligible business facility within the state,\nincluding the acquisition of real property therefor, by means of loans\nto non-profit local development corporations not to exceed forty percent\nof the cost of such project, the repayment of which shall be secured by\na mortgage which shall not be a junior encumbrance thereon by more than\nfifty percent of such cost, and by means of the guarantees of the loans\nmade by banking organizations which guaranty shall not exceed eighty\npercent of the cost of the project, provided, however, that such loans\nmay be in excess of forty percent but shall not exceed sixty percent of\nthe cost of such project for loans in economically distressed areas and\nto companies in need of special assistance pursuant to the provisions of\nsubdivision seven of section eighteen hundred twenty-three of this\nchapter.\n (b) the purchase of machinery and equipment for use within the state,\nby means of loans to non-profit local development corporations not to\nexceed forty percent of the cost of such purchase which shall be secured\nby a security interest in such project, and by means of the guarantee of\nloans made by banking organizations which guaranty shall not exceed\neighty percent of the cost of the project, provided, however, that such\nloans may be in excess of forty percent but shall not exceed sixty\npercent of the cost of such project for loans in economically distressed\nareas and to companies in need of special assistance pursuant to the\nprovisions of subdivision seven of section eighteen hundred twenty-three\nof this chapter.\n 3. To advance the development of industrial, manufacturing, research\nand development, or other eligible business enterprises throughout the\nstate, including those defined as small business concerns under the act\nof congress entitled "Small Business Investment Act of 1958".\n 4. To assist in financing the cost of projects for the construction,\nacquisition, rehabilitation or improvement of pollution control\nfacilities, by means of loans of pollution control funds to non-profit\nlocal development corporations not to exceed ninety percent of the cost\nof any such project.\n In carrying out the purposes of this section and in exercising the\npowers granted under this act, the authority shall be regarded as\nperforming an essential governmental function.\n