80-12-201 . Loan agreements -- general provisions. (1) Each loan approved by the authority for issuance of a bond must include a loan agreement providing a payment schedule that may not exceed 30 years. (2) The agreement must specify a reasonable rate of interest, which rate may be a variable rate provided the method of determination is contained in the loan agreement. (3) Loans approved by the authority for issuance of a bond may be secured by any liens or collateral the financial institution considers necessary. (4) The money received under a loan agreement may be used for: (a) acquisition of farm or ranch land; (b) a downpayment on the acquisition of farm or ranch land; (c) acquisition or construction of depreciable property used in the operation of a farm or ranch; or (d) production of energy using an alternative renewable energy source as defined in 15-6-225 .
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