(1) The maturity for any financial assistance that is provided under the Infrastructure Development Investment Program Act shall not exceed the lesser of the useful life of the financed asset or thirty years, unless federal law allows a longer term or the commission determines a longer term pursuant to state law.

(2) At the discretion of the commission, the repayment of any financial assistance that is provided under the Infrastructure Development Investment Program Act shall begin after completion of the project or upon the generation of revenue from the project.

(3) The borrower of any financial assistance that is provided under the Infrastructure Development Investment Program Act may prepay any required payment for such financial assistance. No penalty is permitted for such prepayment unless provided for by a bond covenant.