California Code of Regulations
Title 10 - Investment
Chapter 6.51 - Business, Transportation and Housing Agency: Emergency Small Business and Farm Enterprise Guarantees
Article 1 - General Provisions
Section 4012 - Loan Terms
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The terms and conditions of a Loan shall include all of the following:
(a) An interest rate not to exceed one percent greater than the net interest cost on the Bonds issued in connection with a Loan. As used in this subsection, "net interest cost" is determined by dividing the total interest payments for the Bonds (reduced by any premium or accrued interest and increased by any discount) by the product of the issue price (which is the par amount of the Bonds less any discount and increased by any premium) and the weighted maturity of the issue (which is the average maturity of the issue weighted to reflect the dollar amount of each particular maturity).
(b) A maximum Loan amount no greater than seven hundred and fifty thousand dollars ($750,000).
(c) A minimum Loan amount no less than ten thousand dollars ($10,000).
(d) A Loan term not to exceed eight (8) years; provided that no Loan term shall exceed the final maturity of the Bonds.
(e) The Loan is fully amortized.
(f) A Loan fee of two percent (2%) of the amount of the Loan or five hundred dollars ($500), whichever is greater, to be paid to the Authority.
(g) Late charges in the event of a default.
(h) Any other provision agreed to by the parties.
1. New section
filed 12-8-89 as an emergency; operative 12-8-89 (Register 89, No. 52). A
Certificate of Compliance must be transmitted to OAL within 120 days or emergency
language will be repealed on 4-9-90.
2. Amendment of subsections
(b)(1)(A) and (b)(3) filed 12-22-89 as an emergency; operative 12-22-89 (Register
89, No. 52). A Certificate of Compliance must be transmitted to OAL within 120 days
or emergency language will be repealed by operation of law on 4-23-90.
3.
Certificate of Compliance as to 12-8-89 and 12-22-89 orders transmitted to OAL
4-6-90 and filed 5-7-90 (Register 90, No. 25).
4. Renumbering and
amendment of former section 4012 to section
4015 filed 3-22-91 as an emergency;
operative 3-22-91 (Register 91, No. 16). A Certificate of Compliance must be
transmitted to OAL by 7-22-91 or emergency language will be repealed by operation of
law on the following day.
5. Repealer and new section filed 3-19-92 as an
emergency; operative 3-19-92 (Register 92, No. 15). A Certificate of Compliance must
be transmitted to OAL 7-17-92 or emergency language will be repealed by operation of
law on the following day.
Note: Authority cited: Section 44520(b), Health and Safety Code. Reference: Sections 44533(b) and 44548(c), Health and Safety Code; and Section 15335, Government Code.
