In the event of a default, the Certified Development Company shall call upon the letter of credit guaranteeing the principal amount of the loan plus interest due. Failure to comply with lending criteria shall result in a penalty which the company may establish by regulation, and penalties shall not be treated as interest income for the purposes of Section 148 of the Internal Revenue Code of 1986. Laws, 1988, ch. 580, § 9, eff. 5/21/1988. In the event of a default, the Certified Development Company shall call upon the letter of credit guaranteeing the principal amount of the loan plus interest due. Failure to comply with lending criteria shall result in a penalty which the company may establish by regulation, and penalties shall not be treated as interest income for the purposes of Section 148 of the Internal Revenue Code of 1986. Laws, 1988, ch. 580, § 9, eff. 5/21/1988. In the event of a default, the Certified Development Company shall call upon the letter of credit guaranteeing the principal amount of the loan plus interest due. Failure to comply with lending criteria shall result in a penalty which the company may establish by regulation, and penalties shall not be treated as interest income for the purposes of Section 148 of the Internal Revenue Code of 1986. Laws, 1988, ch. 580, § 9, eff. 5/21/1988. In the event of a default, the Certified Development Company shall call upon the letter of credit guaranteeing the principal amount of the loan plus interest due. Failure to comply with lending criteria shall result in a penalty which the company may establish by regulation, and penalties shall not be treated as interest income for the purposes of Section 148 of the Internal Revenue Code of 1986. Laws, 1988, ch. 580, § 9, eff. 5/21/1988.
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