Public facilities financial assistance, when authorized by the board, is subject to
the following conditions:
(1) The moneys in the public facilities construction loan revolving account shall
be used solely to fulfill commitments arising from financial assistance authorized
in this chapter. The total outstanding amount which the board shall dispense at any time pursuant
to this section shall not exceed the moneys available from the account.
(2) On contracts made for public facilities loans the board shall determine the interest
rate which loans shall bear. The interest rate shall not exceed ten percent per annum. The board may provide reasonable terms and conditions for repayment for loans, including
partial forgiveness of loan principal and interest payments on projects located in
rural communities as defined by the board, or rural counties. The loans shall not exceed twenty years in duration.
(3) Repayments of loans made from the public facilities construction loan revolving
account under the contracts for public facilities construction loans shall be paid
into the public facilities construction loan revolving account. Repayments of loans from moneys from the new appropriation from the public works
assistance account for the fiscal biennium ending June 30, 1999, shall be paid into
the public works assistance account.
(4) When every feasible effort has been made to provide loans and loans are not possible,
the board may provide grants upon finding that unique circumstances exist.
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