Section 57-4-11 - Length of indebtedness incurred as loan; repayment in equal annual installments; applicability of debt limitation

Indebtedness incurred as a loan under the provisions of this chapter shall not exceed five (5) years from the date of the contribution by the state, and any such indebtedness shall be repaid in equal annual installments. Any indebtedness incurred as a loan under the provisions of this chapter shall not be included in computing the debt limit under any other statute.Laws, 1977, ch. 492, § 1(6), eff. 4/15/1977.