The Commissioner of Economic and Community Development shall establish the terms and conditions of any financial assistance provided pursuant to section 32-763 or section 32-765. The commissioner may make any stipulation in connection with an offer of financial assistance the commissioner deems necessary to implement the policies and purposes of subsection (b) of section 32-763 or section 32-765, including, but not limited to,

1. (1) a requirement of assurance from a grant or loan recipient that such recipient will discharge its obligations in connection with the project,
2. (2) a requirement that a grant or loan recipient provide the department with appropriate security for such financial assistance, including, but not limited to, a letter of credit, a lien on real property or a security interest in goods, equipment, inventory or other property of any kind, and
3. (3) a requirement that a grant or loan recipient reimburse the state for such financial assistance in the event that it receives funds for remediation from other sources.

(P.A. 13-308, S. 7; P.A. 23-57, S. 5.)

History: P.A. 13-308 effective July 1, 2013; P.A. 23-57 changed reference from Sec. 32-763 to Sec. 32-763(b).