Repayment of loans

Tenn. Code Ann. § 4-31-705, under Tennessee Local Development Authority Mental Health and Mental Retardation Facilities Act of 1990.

Tenn. Code Ann. § 4-31-705

(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.