The agency shall determine the manner in which subordinated loans are to be repaid. Potential methods of repayment may include, but not be limited to:
(a) An interest payment of 3 percent to be made from the positive cash flows of the project before payment to any other equity investor or mortgage loan holder is made.
(b) Repayment upon conversion or the term of the bond, whichever is less, to the state, including an interest payment of 3 percent.
(Added by Stats. 1982, Ch. 1448, Sec. 1.)
Last modified: October 25, 2018