Codified Laws


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Enter the text to search for and click Search to get a list of statutes containing the text you entered. Tips:
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The Get Statute button can be used to locate a specific statute. You may type in a title, chapter, or section number. Example: typing 1 will return the chapter list for Title 1, typing 1-1 will return the section list for chapter 1-1, typing 1-1-1 will return section 1-1-1 of the statutes.

The Get Chapter button can be used to load a complete chapter of the statutes. This function requires a title and a chapter number. Examples: 1-1, 57A-1, 1-3

 
     1-16B-54.   Direct mortgage loans for preferred development projects. Notwithstanding any other provision in this chapter, the authority may participate with other parties in the making of direct mortgage loans for capital improvements for preferred development projects. The interest rate and time and rate of amortization for that part of such a mortgage loan made by the authority and that made by others need not be equal. The interest rate, if any, charged by the authority shall be determined by the authority and the principal indebtedness represented by the mortgage loan and interest accrued, if any, may be forgiven on such terms and conditions as the authority in the exercise of its discretion deems appropriate.

Source: SL 1994, ch 11, ยง 8.


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