Nebraska Statutes 71-5325. Loan terms

Loan terms shall include, but not be limited to, the following:

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Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
Year: shall mean calendar year. See Nebraska Statutes 49-801

(1) The term of the loan shall not exceed thirty years, except for systems serving disadvantaged communities which term may not exceed forty years;

(2) The interest rate shall be at or below market interest rates;

(3) The annual principal and interest payment shall commence not later than one year after completion of any project; and

(4) The loan recipient shall immediately repay any loan when a grant has been received which covers costs provided for by such loan.