(a) A contract for a loan may not provide for a moratorium on the payment of the principal of, or interest on, the loan. (b) Any loan made pursuant to Section 78648.4 shall be for a period not to exceed 20 years. (c) The board may enter into a contract for a loan up to 100 percent of the total eligible cost of design and construction of an eligible seawater intrusion control project.
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