Additional Loan Terms

Additional Loan Terms. MDA may require county, municipal or private participation or funding from other sources, or otherwise limit the percentage of costs covered by loans from the revolving loan fund. MDA may establish a maximum amount for any loan. Loan repayments shall be deposited into the revolving loan fund. The fixed rate of interest will be three percent (3%). The rate of interest on all loan funds is calculated according to the actuarial method. Each loan agreement shall provide for (i) monthly payments, (ii) semiannual payments, or (iii) other periodic payments. Miss. Code Ann. § 57-40-1 et. seq. (1972, as amended).