(a) The board may make financial assistance available to successful applicants in
any manner that it considers economically feasible including:
(1) contracts or agreements with a political subdivision for the payment of the principal
of or interest on or both the principal of and interest on bonds or other obligations
issued or to be issued by the political subdivision;
(2) contracts or agreements with a political subdivision for the purpose of providing
the political subdivision's share of any cost-sharing required as a participant in
or local sponsor of any federal project;
(3) purchase of the bonds or other obligations of a political subdivision for the
purpose of completely or partially financing the project for which the application
is being submitted; or
(4) contracts or agreements for the receipt of funds and performance of obligations
in relation to any grant of funds provided by the board.
(b) Contracts or agreements entered into under Subdivision (1) of Subsection (a) of
this section may cover all or any part of the debt service requirements in a given
year and may cover debt service requirements in as many years of an issue as the board
(c) In a determination on a loan for financial assistance, the board may approve interest
deferral or the capitalization of interest costs and may approve periods of repayment
for the loans of up to 50 years.
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