To implement the Program, the City may guarantee a loan made by a private lender to an enterprise, provided that the City in its sole and absolute discretion determines that the loan to be guaranteed will:provide working capital to the enterprise or be used by the enterprise to purchase machinery or equipment; and assist in the establishment or growth of an enterprise and likely result in the establishment or expansion of manufacturing, office, research or related activities in the City. The City in its sole and absolute discretion may prescribe the terms upon which a loan is to be guaranteed and may establish premiums and fees in an amount calculated to cover the administrative expense of guaranteeing the loan and the risk of loss arising from a loan default, provided that the loan that is to be guaranteed shall be made to and for the benefit of an enterprise. In lieu of directly guaranteeing a loan, the City in its sole and absolute discretion may procure a third party to guarantee a loan to an enterprise and may pay the fees therefor on behalf of the enterprise, provided that the conditions and limitations set forth in paragraphs (a) and (b) of <cite data-path="27|§27-7">this section</cite> are fully satisfied. The City shall determine in accordance with sound financial principles the reserves that shall be maintained in the Fund to ensure full and prompt payment when due of any amounts payable as a result of any default on a loan guaranteed pursuant to <cite data-path="27|§27-7">this section</cite>, and for purposes of paragraph (2) of <cite data-path="27|§27-5|(e)">Section 27-5(e)</cite> such reserves shall be deemed obligated in the fiscal year in which the loan to which such reserves apply is guaranteed. The City may guarantee a loan made by a private lender to an enterprise or procure a third party to guarantee a loan to an enterprise pursuant to <cite data-path="27|§27-7">this section</cite> or may make an equity investment in or a loan to an enterprise pursuant to <cite data-path="27|§27-6">Section 27-6</cite> in any combination which the City, in its sole and absolute discretion, deems appropriate. 1984, ch. 745