The final promissory note will reflect repayments for the actual funds borrowed.  

  • Repayments are due on May 1 and November 1 each year.

  • The first repayment is due on whichever of the two repayment dates (May 1 or November 1) falls between 6 and 12 months after the original completion date noted in the Notice to Proceed.

  • The May 1 repayment includes principal and interest (when applicable).

  • The November 1 payment is usually only interest but could include principal.

  • Interest begins to accrue from the date of completion on the Notice to Proceed. There is no interest during the originally planned construction period.