Administrative Code

Virginia Administrative Code
7/3/2022

Part III. Terms of Loans and Interest Rates

13VAC10-120-40. Terms of loans.

Thirty-five years shall be the maximum loan term, although longer amortization schedules may be utilized.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0012 § 3.1, eff. August 18, 1987; amended, Virginia Register Volume 4, Issue 12, eff. February 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 23, Issue 5, eff. November 1, 2006.

13VAC10-120-50. Interest rates.

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.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0012 § 3.2, eff. August 18, 1987; amended, Virginia Register Volume 4, Issue 12, eff. February 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 23, Issue 5, eff. November 1, 2006.

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