§88. Interest rates; payment schedules; terms
A. Any loan from the Bank shall bear interest at or below market interest rates, as determined by the board. Any such rate or rates of interest may be at fixed, variable, or adjustable rates.
B. The repayment schedule for any loan or other financial assistance from the Bank shall be determined by the board; however, repayment of any loan or financial assistance from the Bank shall commence not later than five years after the eligible transportation project has been completed or, in the case of a highway project, the facility has opened to traffic, whichever is later.
C. The term of a loan shall not exceed thirty years after the date of the first payment on the loan.
D. The Bank may require the government unit to enter into a financing agreement in connection with its loan obligation or other financial assistance.
Acts 2015, No. 431, §2.
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