§21A-8A-11. Requirements of loan.
(a) A loan made by the board of investments from the
consolidated fund or the consolidated pension fund under the
provisions of this article will bear interest at a rate determined
by the board of investments not to exceed seven percent per annum.
At the discretion of the board of investments, a loan made under
the provisions of this article may be renewed if prevailing
economic and financial conditions in the marketplace would permit
such renewal to be prudently made: Provided,
That any such renewal
notes shall not be issued by the commissioner which would mature
after the date on which the original notes would have otherwise
(b) The date of maturity of notes issued by the commissioner
shall, in all cases, be determined by the board of investments,
consistent with its fiduciary responsibilities.