Section 365.1110  Loan Repayment to the Agency

Loan repayment to the Agency shall be in accordance with the loan repayment provisions contained in the loan agreement.

a)         Loan repayments shall commence not later than 6 months after the initiation of the loan repayment period and shall be due semi-annually unless the Agency determines that the dedicated source of revenue justifies an alternative repayment plan.

b)         After the initiation of the loan repayment period  date in the loan agreement, the Agency shall set a principal amount and give the loan recipient an interim repayment schedule.

c)         After a final cost review of the project, the Agency shall establish the final principal amount and give the loan recipient a final repayment schedule.

(Source:  Amended at 30 Ill. Reg. 15590, effective September 18, 2006)