131A-35. Award of loans; terms.

(a) Award. - Upon approval of the loan by the Commission, UNC Health Care shall execute the terms of the loan agreement. In adopting terms of the loan agreement, UNC Health Care may require changes to the governance structure of the eligible hospital.

(b) Interest Rate and Maturity. - The interest rate payable on and the maximum maturity of a loan are subject to the following limitations:

(1) Interest rate. - The interest rate for a loan may not exceed the interest rate obtained by the State on its most recent general obligation bond offering.

(2) Maturity. - The maturity for a loan may not exceed 20 years.

(c) Debt Instrument. - UNC Health Care shall execute a debt instrument with the recipient of the loan to evidence the obligation to repay the principal of and interest on the loan awarded under this Article to the State. (2019-240, s. 27.2.)