Section 5-20-4-9 - Terms of loans from board for depositories insurance fundThe board for depositories shall determine the terms of the loan from the board for depositories insurance fund under section 8 of this chapter that must include the following:
(1) That the duration of the loan may not exceed twenty (20) years from the date of the execution of the agreement between the authority and the public deposit insurance fund operated by the board for depositories.(2) The repayment schedule of the loan that:(A) shall not require repayment of any principal; and(B) must allow any principal to be repaid by the fund at any time; before the end of the term for the loan.
(3) That no interest may be charged.(4) The amount of the loan, which may not exceed five million dollars ($5,000,000).As added by P.L. 69-1989, SEC.4. Amended by P.L. 27-1993, SEC.19; P.L. 1-2006, SEC.115; P.L. 181-2006, SEC.33; P.L. 1-2007, SEC.33.