SECTION 355:10-5-7. Interest rate  


Latest version.
  • (a)   The rate of interest to be charged on loans made by the Authority shall be determined by it after the interest rate payable upon its bonds shall become known, and with due regard for the necessity of creating reserves for legitimate purposes as the same shall appear to the Authority in the prudent operation of its affairs.
    (b)   Repayment of loans shall be in accordance with provisions agreed upon and incorporated in the terms of each loan made by the Authority.