La. Admin. Code tit. 71 § IX-107
Current through Register Vol. 50, No. 11, November 20, 2024
Section IX-107 - Loan Conditions and RepaymentA. Each loan shall be evidenced by a loan agreement on a form prescribed or approved by the department of treasury.B. The interest rate on each loan shall be established by the department of treasury and shall be an interest rate that is less than or equal to the market interest rate.C. The political subdivision shall tender payments to the department of treasury in accordance with the repayment schedule set forth in the loan agreement.D. The department of treasury shall credit any payments received to the fund for additional lending under this Chapter.E. The department of treasury may by suit, action, mandamus, or other proceedings, protect and enforce any covenant relating to and the security provided in connection with any indebtedness issued pursuant to R.S. 39:1357, and may by suit, action, mandamus, or other proceedings enforce and compel performance of all of the duties required to be performed by the governing body or officials of any political subdivision hereunder and in any proceedings authorizing the issuance of the loan agreement.La. Admin. Code tit. 71, § IX-107
Promulgated by the Department of Treasury, Office of the Treasurer, LR 46192 (2/1/2020).AUTHORITY NOTE: Promulgated in accordance with R.S. 39:1357.