Loan Contract Terms and Conditions
Interest rates will be set by the Authority at market rates, but not less than Treasury Notes of a similar term minus 1 percent.
The term of the loan will not exceed the useful life of the contracted project or 25 years from the year of project completion, whichever is less.
For a flexible manufacturing space project, the loan contract may provide that no interest accrue until the building is 25 percent occupied, or until three years after the date of the loan contract, whichever is earlier.
The loan contract will:
Be in a form as provided by the Authority, and
Provide that the Authority may institute appropriate action to prevent use of project facilities financed by the fund if the port is delinquent in its repayments.