Neb. Rev. Stat. §§ 71-5325

Current with changes through the 2024 First Special Legislative Session

Section 71-5325 - Loan terms

Loan terms shall include, but not be limited to, the following:

(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.

Neb. Rev. Stat. §§ 71-5325

Laws 1997, LB 517, § 14; Laws 2019, LB 307, § 3.

Amended by Laws 2019, LB 307,§ 3, eff. 9/1/2019.