4-31-705 - Repayment of loans. - Tennessee Statutes

4-31-705. Repayment of loans.

(a)  The authority shall establish a repayment schedule to be made by a grantee under a loan agreement.

(b)  Such repayments shall be in such amounts as will be at least sufficient, together with other funds available therefor, to pay the principal of, and interest on, authority bonds and notes issued for the purpose of providing loans pursuant to this part and as may be necessary for the authority to maintain a reserve for debt service and to pay costs of administration.

[Acts 1990, ch. 975, § 1.]