54-2-208 - Terms of loan. - Tennessee Statutes

54-2-208. Terms of loan.

(a)  The loan shall be made for a period of twenty (20) years, unless the political subdivision requests a shorter period of time in its application.

(b)  The loan shall bear interest at the annual rate of one half percent (0.5%) greater than the latest quotation of the “20 Bond Index” published by the Bond Buyer, a financial publication printed in New York, New York, and distributed nationally, and shall be amortized in equal annual payments.

(c)  The committee is authorized to adopt forms, rules, regulations and procedures that are necessary to carry out the amortization schedule.

[Acts 1971, ch. 262, § 8; T.C.A., § 54-220.]