1. (a) All principal and interest shall be repaid in accordance with the terms of the loan agreement. Repayments shall begin no later than one year following project completion. Repayment of the loan shall not exceed a 30-year repayment period, except for a loan to a disadvantaged community. Any loan to a disadvantaged community may exceed a 30-year repayment period if both of the following conditions are met:

   1. (1) Repayment of the loan does not exceed a 40-year repayment period.
   2. (2) The repayment period does not exceed the expected design life of the project.
2. (b) Prepayment of the principal in whole or part may be made, in accordance with the terms of the loan agreement.

(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.)