The principal amount of the bonds cannot exceed $10,000,000. At the present, only facilities used in the manufacturing or production of tangible personal property (including the processing resulting in a change in the condition of such property) and certain related facilities qualify for tax-exempt financing.
The beneficiary of the bonds, persons related to the beneficiary, and users of more than 10% of the facility financed may not have capital expenditures within the same area during a period commencing 3 years prior to the issuance of bonds and ending 3 years after issuance of the bonds which, when added to the principal amount of the bonds, cause the total of such amounts to exceed $20,000,000. If an existing building is purchased with bond proceeds, an amount equal to at least 15% of the amount of proceeds used for such acquisition must be used for renovations (not including expansions) of the building. In the case of the acquisition of other structures (such as docks and wharves) or of equipment, an amount equal to at least 100% of the proceeds used for acquisition must be used for renovation.