§ 66.5. LOAN TERMS.

SEC. 66.4. LOAN.1

All loans made under the Program shall be fully repaid over such periods as set forth in the Program Regulations but in no event for a term greater than 55 years, on such terms as the Director shall establish and deem appropriate, including but not limited to, loans the principal and/or interest of which are repaid in a single lump sum at the maturity of such loan. Principal and interest Loan repayments will be deposited into the Fund pursuant to the terms of the Program Regulations. All payments of principal and interest collected in connection with Below Market Rate Loans shall be remitted to the Controller’s office to be applied toward repayment of the Bonds associated with such Loans. All payments of principal, and the amount of interest equal to the City Cost of Funds, collected in connection with Market Rate Loans shall be remitted to the Controller’s Office to be applied toward repayment of the Bonds associated with such Loans. At the discretion of the Director, payments of interest in excess of the City Cost of Funds collected in connection with Market Rate Loans may be deposited into the Fund.

(Added as Sec. 66.4 by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; Ord. 122-06, File No. 060386, App. 6/14/2006; redesignated and amended by Ord. , File No. 180890, App. 11/9/2018, Eff. 12/10/2018)

(Former Sec. 66.5 added by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; Ord. 122-06, File No. 060386, App. 6/14/2006; redesignated as Sec. 66.6 and amended by Ord. , File No. 180890, App. 11/9/2018, Eff. 12/10/2018)

CODIFICATION NOTE

1. So in Ord. .