Section 50. Interest rates

Latest version.

The interest rate on loans shall be determined from time to time by the authority. Such interest rates are expected to be lower than those which would be available from other sources and, at the same time, will provide continuing support for the authority's currently outstanding and future bond issues. The authority realizes that loans will have higher risks than alternative investments and will have little or no liquidity. If deemed necessary, all or a portion of the principal payments on loans may be deferred by the authority.

Historical Notes

Derived from VR400-02-0012 § 3.2, eff. August 18, 1987; amended, Volume 04, Issue 12, eff. February 16, 1988; Volume 04, Issue 23, eff. July 19, 1988; Volume 05, Issue 21, eff. July 1, 1989; Volume 23, Issue 05, eff. November 1, 2006.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

                    
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