04 NCAC 01F .0307. FORMAL APPLICATION PROCEDURES: DESIGNATION

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Where the secretary makes the designation of "basic industrial building" and, if also requested to do so, where he established a "guaranty against loss" reserve, he will do so in writing to the developer entity. Copies of that communication will be furnished to the builder and to the construction loan lender.

Agreements which set out the contractual relationship between the developer entity, the builder, the construction loan lender and the Department of Commerce in the specific financial transaction, will be signed by all involved parties prior to disbursement of any funds.

History Note: Authority G.S. 143B‑429; 143B‑430;

Eff. February 11, 1980.

                    
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