Ala. Admin. Code r. 635-X-9-.04

Current through Register Vol. 43, No. 1, October 31, 2024

Section 635-X-9-.04 - Agreement To Repay With Service

(1) A formal agreement stipulating the community or the position in Alabama public health or state institution, years of service, and other pertinent facts shall be signed by the chairman of the Board and each recipient who receives approval to repay his loan with service.

(2) Repayment with service credit will be prorated in the amount of twenty-five percent (25%) of the total outstanding principal per year for each of four (4) years of exclusive optometric practice in an approved community of less than five thousand (5,000) population.

(3) Repayment with service credit will be prorated in the amount of twenty percent (20%) of the total outstanding principal per year for each of five (5) years of exclusive optometric practice in an approved community of more than five thousand (5,000) and less than fifteen thousand (15,000) population.

(4) Repayment with service credit will be prorated in the amount of ten percent (10%) of the total outstanding principal per year for each of five (5) years of exclusive optometric practice in an approved community of more than fifteen thousand (15,000) and less that one hundred thousand (100,000). Repayment, in cash, of one-half (1/2) the principal plus six percent (6%) simple interest annually will be prorated in five (5) annual payments beginning at the end of the first year of practice.

(5) Repayment with service credit will be prorated in the amount of twenty-five percent (25%) of the total outstanding principal per year for each year of service in a position in Alabama in public health or as an optometrist in any state institution approved by the Board.

Author:

Ala. Admin. Code r. 635-X-9-.04

Filed September 7, 1984.

Statutory Authority:Code of Ala. 1975, §§ 34-22-60, etseq.