§ 115C-459. Terms of loans. - North Carolina Statutes

§ 115C‑459.  Termsof loans.

Loans made under the provisions of this Article shall be payable in 10installments, shall bear interest at a uniform rate determined by the StateBoard of Education not to exceed eight percent (8%), payable annually, andshall be evidenced by the note of the county, executed by the chairman, theclerk of the board of county commissioners, and the chairman and secretary ofthe local board of education, and deposited with the State Treasurer. The firstinstallment of such loan, together with the interest on the whole amount thendue, shall be paid by the local board on the tenth day of February after thetenth day of August subsequent to the making of such loan, and the remaininginstallments, together with the interest, shall be paid on the tenth day ofFebruary of each subsequent year until all shall have been paid. (1955, c. 1372, art. 11, s. 2; 1971, c. 1094; 1981, c.423, s. 1; 1983, c. 477.)