Indiana Statutes
§ 8-21-11-9 — Terms of loans
The department shall determine the terms of each loan, which must include the following:
(1)The duration of the loan, which may not exceed twelve (12)
years.
(2)The repayment schedule of the loan, which must provide that
no payments are due during the first two (2) years of the loan.
(3)A variable rate of interest to be determined by the department
and adjusted annually. The interest rate must be the greater of:
(A)five percent (5%); or
(B)two-thirds (2/3) of the interest rate for fifty-two (52) week
United States Treasury bills on the anniversary date of the loan,
but not to exceed ten percent (10%).
(4)The amount of the loan.
(5)Any other conditions specified by the department.
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Legislative History
As added by P.L.34-1990, SEC.2.
Nearby Sections
15
§ 8-1-1-11
Staff of commission§ 8-1-1-12
Repealed§ 8-1-1-13
Repealed§ 8-1-1-14
Annual report§ 8-1-1-15
Implementing rules; duration§ 8-1-1-16
Commission to consider effect of governmental requirements upon
utility's operational expenses§ 8-1-1-4
Repealed§ 8-1-1-4.1
Payment of expenses§ 8-1-1-6
Repealed