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<br />EXHIBIT "Bn <br />FINANCIAL PROGRAMS <br /> <br />OF <br />GROWTH INITIATIVE FUND <br /> <br />ARTICLE I. <br />Financial Proarams <br /> <br />Section 1. PACE PROGRAM. As originally adopted February 14,1997. The intent <br />of the PACE Program is participation with the Bank of North Dakota to buy down interest rate <br />loans to new or expanding businesses in the County. GIF shall act as the "community" as <br />provided in Chapter 6-09.14 of the North Dakota Century Code, and administer the PACE <br />Program in accordance with Chapter 6-09.14 and the rules and regulations of the Bank of North <br />Dakota. <br /> <br />Section 2. NEW TECHNOLOGY FUND. As originally adopted August 27, 2003. <br />The intent of the New Technology Fund is to encourage the development of an industry cluster by <br />providing direct loans. $750,000 has been appropriated for the New Technology Fund. <br /> <br />Section 3. NEW JOBS LEVERAGE FUND. As originally adopted July 8, 2004. The <br />intent of the New Jobs Leverage Fund is to allow a qualifying business to leverage a ND New <br />Jobs Training Program contract to receive a direct loan from the GIF. The business would assign <br />proceeds from its contract to the GIF as payments against the loan principal and interest. It is <br />intended that $1,500,000 will be appropriated for the New Jobs Leverage Fund. <br /> <br />ARTICLE II. <br />Amendments <br /> <br />This Appendix may be altered, amended, or repealed by the Board of Directors at any <br />regular or special meeting of the Directors to the full extent permitted by law provided that any <br />alteration or amendment is approved by the members of the GIF. <br /> <br />Secretary <br /> <br />ADOPTED: October 28, 2004 <br />