(a) A contract for a loan may not provide for a moratorium on the payment of the principal of, or interest on, the loan.
(b) Any loan made pursuant to Section 79149.4 shall be for a period not to exceed 20 years.
(c) The board may enter into a contract for a loan amount that equals up to 100 percent of the total eligible cost of design and construction of an eligible seawater intrusion control project.
(Added by Stats. 1999, Ch. 725, Sec. 1. Approved in Proposition 13 at the March 7, 2000, election.)