(a) In order to preserve jobs and support tourism, the Economic Development Authority may make loans, consistent with this section.
(b) For purpose of this section an applicant is:
(1) A licensed entity that has filed an application for a loan under this section no later than July 1, 2016;
(2) A licensed entity operating in West Virginia; and
(3) A licensed entity that operates a resort comprised of at least seventy-five acres and employing a minimum of one hundred employees.
(c) The proceeds of the loans:
(1) May be used only to refinance the existing indebtedness of qualifying applicants; and
(2) May not exceed the outstanding indebtedness of the qualifying applicants as of January 1, 2016.
(d) The loans shall be:
(1) Made under terms and conditions established by the Economic Development Authority.
(2) Collateralized as determined by the Economic Development Authority.
(e) The total refinancing provided pursuant to this section by the Economic Development Authority shall not exceed 2.5 percent of the Economic Development Authority’s direct loan portfolio.
Structure West Virginia Code
Article 15. West Virginia Economic Development Authority
§31-15-2. Legislative Findings
§31-15-6. General Powers of Authority
§31-15-7. Loans to Industrial Development Agencies or Enterprises for Projects
§31-15-8a. Broadband Loan Insurance Program; Requirements
§31-15-9. Bonds and Notes Issued Pursuant to This Article
§31-15-10. Approval by Authority
§31-15-11. Trustee for Bondholders; Contents of Trust Agreement; Pledge or Assignment of Revenues
§31-15-12. Use of Funds by Authority; Restrictions Thereon Relating to Projects
§31-15-12a. Horseshoe Pitcher S Hall of Fame
§31-15-12b. Loans to Support Tourism
§31-15-13. Refunding Bonds or Notes
§31-15-15. Negotiability of Bonds and Notes Issued Pursuant to This Article
§31-15-16. Bonds and Notes Issued Pursuant to This Article; Legal Investments
§31-15-16b. Lottery Revenue Bonds for Cacapon Resort State Park and Beech Fork State Park
§31-15-16d. Lottery Revenue Bonds for State Park Projects
§31-15-17. Exemption From Taxation
§31-15-18. Personal Liability; Persons Executing Bonds or Notes Issued Pursuant to This Article
§31-15-20. Authority of the Board of Investments
§31-15-21. Loan and Insurance Application Requirements
§31-15-23. Economic Development Fund
§31-15-23a. Economic Development Project Fund
§31-15-24. Transfer of State Property to the Authority
§31-15-25. Validity of Any Pledge, Mortgage, Deed of Trust or Security Instrument
§31-15-26. Money of the Authority
§31-15-27. Conflict of Interest; When Contracts Void
§31-15-28. Agreement With Federal Agencies Not to Alter or Limit Powers of Authority
§31-15-30. Projects Not to Be Considered Public Improvements