General Loan Terms

General Loan Terms. Below are the maximum amounts which may be loaned from the Mississippi Alternative Fuel School Bus and Municipal Motor Vehicle Revolving Loan Fund to finance any one (1) project. Because loan periods differ, two (2) separate loans will be required for purchase of vehicles or retrofits and refueling infrastructure. The term and the repayment schedule will be established by MDA. The fixed rate of interest shall be zero percent (0.0%). A. Refueling Infrastructure: Five Hundred Thousand Dollars ($500,000); a term not to exceed fifteen (15) years. B. Vehicle Purchases and Retrofits: Three Hundred Thousand Dollars ($300,000); a term not to exceed seven (7) years.