Section 40. Interest rates

The executive director shall establish the interest rate or rates to be charged in connection with any loan made or financed under this chapter. To the extent permitted by the documents relating to the loan, the executive director may adjust at any time and from time to time the interest rate or rates charged on such loan. Without limiting the foregoing, the interest rate or rates may be adjusted if such adjustment is determined to be necessary or appropriate by the executive director as a result of any allocation or reallocation of such loan to or among the authority's note or bond funds or any other funds of the authority. Any interest rate or rates established pursuant to this section shall reflect the intent expressed in subdivision 3 of subsection A of § 36-55.33:1 of the Code of Virginia.

Historical Notes

Derived from VR400-01-0001 § 4, eff. July 1, 1987; amended, Volume 03, Issue 23, eff. August 10, 1987; Volume 04, Issue 03, eff. November 1, 1987; Volume 04, Issue 14, eff. March 16, 1988; Volume 04, Issue 23, eff. July 19, 1988; Volume 05, Issue 21, eff. July 1, 1989; Volume 07, Issue 10, eff. January 16, 1991; Volume 08, Issue 06, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 06, eff. November 16, 1994.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.