§5.140. Ineligible Expenditures

 

Loan funds shall not be used for:

 

a)         refinancing or payment of existing long-term debt exceeding 12 months;

 

b)         payment of non-current or delinquent taxes;

 

c)         payments, advances, loans, dividends or bonuses to stockholders, officers, directors, partners, or member owners of limited liability companies;

 

d)         the purchase or lease of non-construction motor vehicles or equipment (Section 2705-610(f) of the Law);

 

e)         payment of expenses incurred on projects that are not within the scope of the loan or this Part; or

 

f)         security or collateral for another or different loan or debt.