Section 1803. Purposes of the authority

The purposes of the authority shall
  be:
    1.  To  assist,  promote,  encourage,  develop and advance the general
  prosperity and economic welfare of  the  people  of  the  state  and  to
  improve their standard of living.
    2.  To  improve  employment  opportunities in any area of the state by
  assisting in financing of:
    (a)  the  cost  of  projects  for   the   construction,   acquisition,
  rehabilitation  or  improvement  of  any  new,  existing  or  former (i)
  industrial or manufacturing plant, (ii) building used for  research  and
  development, or (iii) other eligible business facility within the state,
  including  the  acquisition of real property therefor, by means of loans
  to non-profit local development corporations not to exceed forty percent
  of the cost of such project, the repayment of which shall be secured  by
  a  mortgage which shall not be a junior encumbrance thereon by more than
  fifty percent of such cost, and by means of the guarantees of the  loans
  made  by  banking  organizations  which guaranty shall not exceed eighty
  percent of the cost of the project, provided, however, that  such  loans
  may  be in excess of forty percent but shall not exceed sixty percent of
  the cost of such project for loans in economically distressed areas  and
  to companies in need of special assistance pursuant to the provisions of
  subdivision  seven  of  section  eighteen  hundred  twenty-three of this
  chapter.
    (b) the purchase of machinery and equipment for use within the  state,
  by  means  of  loans to non-profit local development corporations not to
  exceed forty percent of the cost of such purchase which shall be secured
  by a security interest in such project, and by means of the guarantee of
  loans made by banking organizations  which  guaranty  shall  not  exceed
  eighty  percent of the cost of the project, provided, however, that such
  loans may be in excess of forty  percent  but  shall  not  exceed  sixty
  percent of the cost of such project for loans in economically distressed
  areas  and  to  companies  in need of special assistance pursuant to the
  provisions of subdivision seven of section eighteen hundred twenty-three
  of this chapter.
    3. To advance the development of industrial,  manufacturing,  research
  and  development,  or other eligible business enterprises throughout the
  state, including those defined as small business concerns under the  act
  of congress entitled "Small Business Investment Act of 1958".
    4.  To  assist in financing the cost of projects for the construction,
  acquisition,  rehabilitation  or  improvement   of   pollution   control
  facilities,  by  means of loans of pollution control funds to non-profit
  local development corporations not to exceed ninety percent of the  cost
  of any such project.
    In  carrying  out  the  purposes of this section and in exercising the
  powers granted under this  act,  the  authority  shall  be  regarded  as
  performing an essential governmental function.