When And How Is A Loan Repaid?

Principal is due annually on May 1 and interest is due semi-annually on May 1 and November 1. The first payment date is indicated on page 1 of the municipal obligation and on Exhibit C of the Financial Assistance Agreement. The payments are calculated on the total amount drawn, not the total Financial Assistance amount. Invoices are sent approximately 30 days in advance of each payment date with information on the amount due and where to send the payment. ALL PAYMENTS MUST BE RECEIVED BY 4:30 p.m. ON THE DUE DATE! If a payment is not received, or is late, the loan will be considered in default and default procedures will be started.

See also repayment

Additional Information

• What is a project close-out?