265—11.3(16) Loan terms.
- 11.3(1) Amount of loans. The principal amount of each loan is between $50,000 and $250,000.
- 11.3(2) Term of loan. Loans are amortized over not more than 30 years; the actual term of the loan is determined by the authority depending on the economic feasibility of the project.
- 11.3(3) Interest rate. Interest is charged on the loan at a rate related to the authority’s cost of funds for the loan term as determined and announced by the authority from time to time.
- 11.3(4) Loan fee. The authority may charge a fee in the amount of 1 percent of the initial loan amount at closing.
[ARC 8413C, IAB 11/27/24, effective 1/1/25]