Regulations of Connecticut State Agencies
(a) Subject to the provisions of Section 7 of the Act, the Commissioner shall charge and collect interest on each infrastructure development economic assistance loan. In establishing both the interest rate and the term of each loan, the Commissioner shall take into consideration the general financial conditions of the municipality, the tax revenues to be generated by the project and the relative cost of the project.
(b) No loan may be made to a municipality unless the municipality pledges its full faith and credit for the payment of the principal thereof and interest thereon.
(Effective December 20, 1985)