A loan under the taxable loan participation program is for permanent financing for a newly-constructed project or qualified energy development, the acquisition of an existing project or qualified energy development, or the refinancing of an existing project or qualified energy development. A loan under the taxable loan participation program may also be for financing improvements in energy efficiency. No refinancing of a loan that is financed with proceeds of outstanding general obligation indebtedness of the authority or that relates to a project or qualified energy development that was originally financed with outstanding general obligation indebtedness of the authority will be permitted under this section unless the bonds are subject to optional redemption at par by the authority at the time the bonds are issued.

(In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118; am 11/1/99, Register 153; am 4/25/2013, Register 207)