Sec. 9. (a) A loan from a fund may:
(1) not have a term of more than twenty (20) years;
(2) provide for amortization to begin not later than one (1) year after construction of the project ends; and
(3) have an interest rate established by the authority in accordance with subsection (c).
(b) Unless otherwise provided by the procedure established by the authority under section 7 of this chapter, a participant that receives financial assistance from the fund shall enter into a financial assistance agreement. A financial assistance agreement is a valid, binding, and enforceable agreement of the participant.
(c) The authority, in setting the interest rate or parameters for establishing the interest rate on each loan, may take into account the following:
(1) Credit risk.
(2) Affordability.
(3) Other fiscal factors the authority considers relevant, including the program's cost of funds.
Based on the factors set forth in subdivisions (1) through (3), more than one (1) interest rate may be established and used for loans to different participants or for different loans or other financial assistance to the same participants.
As added by P.L.189-2018, SEC.25.