Nebraska Statutes 71-5325. Loan terms
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Loan terms shall include, but not be limited to, the following:
Terms Used In Nebraska Statutes 71-5325
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(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.