{"data":{"id":"us-pa/12-pa.c.s.-3007","jurisdiction":"us-pa","citation":"12 Pa.C.S. § 3007","heading":"Loans for industrial parks.","body":"The authority may contract to loan an amount not to exceed 75% of the cost of establishing an industrial park project, subject to the following conditions:\n(1) The authority shall determine the interest rate and repayment period of the loan.\n(2) The loan must be evidenced by note of the borrower and secured by a first mortgage on the industrial park or by participation in a first mortgage. If a Federal agency participates in the financing of the industrial park, the authority may take as security for its loan a mortgage on the industrial park which is second only to the mortgage given to the Federal agency.\n(3) If the loan is secured by participation in a first mortgage on the industrial park, a portion of the loan, not to exceed 10% of the cost of the project, may be secured by a second mortgage on the industrial park which is second only to the participating first mortgage.","path":["Title 12 - COMMERCE AND TRADE","PART III ECONOMIC DEVELOPMENT PROGRAMS","CHAPTER 30 PENNSYLVANIA INDUSTRIAL DEVELOPMENT PROGRAM"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=12\u0026div=0\u0026chpt=30\u0026sctn=7\u0026subsctn=0","current_through":"2026-08-31 (Statute Update stamp, 12 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:30:58Z","sha256":"00f3be606f709f2b471be6a9d56d5bea07fac1aea020127a5cb217179e614940","source_id":"us-pa","stale":false,"prev":"us-pa/12-pa.c.s.-3006","next":"us-pa/12-pa.c.s.-3008"},"notice":"GroundRules: Original legal text. Not legal advice."}