State Financing of Elementary and Secondary Education

ORS 327.440
Loan repayment


Secured loans authorized by ORS 327.430 (Security for loans) shall be repaid in semiannual, quarterly or monthly installments, as may mutually be agreed upon between the borrower and the Department of State Lands, and the installments shall aggregate each year an amount equal to one year’s interest on the original principal of the loan plus an additional two percent of the original principal sum, except as provided in ORS 327.425 (Loans and investment of funds). Of the installment so paid each year, the amount at the specified interest rate on the principal remaining unpaid shall be credited as interest and the balance credited to reduction of the loan principal. Borrowers from the fund shall have the right to make payments in excess of the amounts of such installments, and the further right at any time to pay off such loans in part or full with interest to payment dates. [Amended by 1965 c.532 §7]
§§ 327.403 to 327.484

Law Review Citations

69 OLR 295 (1990)


Source

Last accessed
Jun. 26, 2021