Current through Register Vol. XLI, No. 50, December 13, 2024
Section 145-6-7 - Loan Terms7.1. The length of each loan will be negotiated for each infrastructure project and will not exceed the useful life of the assets being financed or 20 years, whichever is less. The Council may defer the repayment of principal and interest for up to five years, provided that interest will continue to accrue on the unpaid principal during the deferment period. A prepayment of a loan in full or in part may be made at any time without penalty. The Council shall establish such terms and conditions as it deems necessary and appropriate for each infrastructure project loan.