- (a) Each loan shall accrue interest for the entire life of the loan at a fixed rate set by the secretary. This fixed rate shall be calculated as specified in subsection (b). Fees for servicing the loans may also be set by the secretary.
- (b) The interest rate shall be calculated as a percentage, as specified in the intended use plan, of three months' average of the bond buyer's weekly 20-bond GO (general obligation) index. The loan interest rate as calculated shall include any loan servicing fee.
- (c) The interest rate and loan servicing fee may vary depending on the loan repayment period.
(Authorized by K.S.A. 65-163f; implementing K.S.A. 65-163f and K.S.A. 2019 Supp. 65-163i; effective Oct. 10, 1997; amended Feb. 28, 2020.)