71-5325. Loan terms.
90 words·~1 min read·
/ne/chapter-71/71-5325A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Loan terms shall include, but not be limited to, the following:
(1)The term of the loan shall not exceed thirty years, except for systems serving disadvantaged communities which term may not exceed forty years;
(2)The interest rate shall be at or below market interest rates;
(3)The annual principal and interest payment shall commence not later than one year after completion of any project; and
(4)The loan recipient shall immediately repay any loan when a grant has been received which covers costs provided for by such loan.