Major metropolitan airport loan--Terms

A loan made pursuant to § 11-15-9 must: (1) Bear interest payable at the rate of two percent per year; (2) Be unsecured; (3) Require equal annual payments based on a twenty-year amortization; (4) Require that the first payment be due one year from the date of the funding of the loan; and (5) Be closed and funded on or before June 30, 2030. Source: SL 2026, ch 62 , § 3. Effective July 1, 2026