The Director, upon recommendation of the Commission, may arrange for credit or liquidity support for short-term indebtedness issued pursuant to this Article or may arrange for credit or liquidity support to provide an additional source of repayment for such short-term indebtedness.
Notwithstanding anything to the contrary in this Article, any monies paid by a financial institution under any agreement for credit or liquidity support (a "credit facility") shall:
(a) Be repaid over a period not exceeding the maximum maturity, if any, fixed by the voters or the Board, as the case may be, in connection with the applicable approval of revenue bonds or other indebtedness;
(b) Bear interest at a rate that does not cause the aggregate average interest cost to exceed the maximum approved interest cost on such short-term indebtedness over the entire period such short-term indebtedness is outstanding; and
(c) Have such other terms and conditions as the Director, upon the recommendation of the Commission, shall fix.
(Added by Ord. 12-00, File No. 992117, App. 2/11/2000; Ord. 270-06, File No. 061297, App. 10/31/2006)