Section 18907 - Loan RequirementsLoans made pursuant to this Article shall be subject to the following requirements:
(a) The terms of any approved loan shall be specified in a loan agreement between the borrower and the Board. Notwithstanding any term of the agreement, any recipient of a loan that the Board approves shall repay the principal amount plus interest on the basis of the rate of return for money in the Surplus Money Investment Fund at the time of the loan.(b) The Board shall not finance more than one million dollars ($1,000,000) per site.(c) The term of any loan made pursuant to this Article shall be not more than 20 years.(d) The money from any loan repayments and fees, including, but not limited to, principal and interest payments, fees and points, administrative fees, recovery of collection costs, income earned on any asset recovered pursuant to a loan default, and funds collected through foreclosure actions shall be deposited in the trust fund.(e) The Board or the Department of Finance may audit the recipient's records regarding moneys received pursuant to this Article.Cal. Code Regs. Tit. 14, § 18907
1. New section filed 9-11-2000; operative 9-11-2000 pursuant to Government Code section 11343.4(d) (Register 2000, No. 37). Note: Authority cited: Sections 40502 and 48025, Public Resources Code. Reference: Section 48027(c)(3), Public Resources Code.
1. New section filed 9-11-2000; operative 9-11-2000 pursuant to Government Code section 11343.4(d) (Register 2000, No. 37).