Section 1840-M. Rate of interest

Any loan made by the authority shall bear
  interest at such rate as the authority may determine but such rate shall
  not be less than a rate which is one percent below  the  average  annual
  net  interest  cost to the authority, as determined by the authority, on
  bonds the proceeds of which,  in  the  opinion  of  the  authority,  are
  available  to  make such loan, or if no such proceeds are then available
  in a sufficient amount  to  make  such  loan,  the  average  annual  net
  interest  cost to the authority, as determined by the authority not more
  than six months previous to the making of such loan,  which  would  have
  been  incurred  by  the  authority on either (i) bonds having an average
  maturity of twenty years if such bonds had been issued on a date  within
  thirty  days of such determination, or (ii) general obligations bonds of
  Nassau or Suffolk counties having an average maturity of twenty years if
  such bonds had been  issued  on  a  date  within  thirty  days  of  such
  determination.  The  rental  or  other  amount  required to be paid by a
  project occupant to the authority or to a local development  corporation
  under  a  lease  or  other  agreement  for use of the said project shall
  include an interest element computed at such rate as the authority shall
  determine but such rate shall not be less than the interest rate charged
  by the authority to the local development corporation in accordance with
  the preceding sentence of this section.