§ 80-12-201

80-12-201. Loan agreements -- general provisions. (1) Each loan approved by the authority for issuance of a bond must include a loan agreement providing a payment schedule that may not exceed 30 years. (2) The agreement must specify a reasonable rate of interest, which rate may be a variable rate provided the method of determination is contained in the loan agreement. (3) Loans approved by the authority for issuance of a bond may be secured by any liens or collateral the financial institution considers necessary. (4) The money received under a loan agreement may be used for: (a) acquisition of farm or ranch land; (b) a downpayment on the acquisition of farm or ranch land; (c) acquisition or construction of depreciable property used in the operation of a farm or ranch; or (d) production of energy using an alternative renewable energy source as defined in 15-6-225. History: En. Sec. 5, Ch. 580, L. 1983; amd. Sec. 23, Ch. 591, L. 2001; amd. Sec. 11, Ch. 405, L. 2003.