§ 5-20-4-9 — Terms of loans from board for depositories insurance fund

Indiana § 5-20-4-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 20: HOUSING
• Ch. 4: Affordable Housing and Community Development Fund

Text

The board for depositories shall determine the
terms of the loan from the board for depositories insurance fund under
section 8 of this chapter that must include the following:
(1) That the duration of the loan may not exceed twenty (20) years
from the date of the execution of the agreement between the
authority and the public deposit insurance fund operated by the
board for depositories.
(2) The repayment schedule of the loan that:
(A) shall not require repayment of any principal; and
(B) must allow any principal to be repaid by the fund at any
time;
before the end of the term for the loan.
(3) That no interest may be charged.
(4) The amount of the loan, which may not exceed five million
dollars ($5,000,000).

Legislative History

As added by P.L.69-1989, SEC.4. Amended by P.L.27-1993, SEC.19; P.L.1-2006, SEC.115; P.L.181-2006, SEC.33; P.L.1-2007, SEC.33.