Section 17934.5 - Interest Rate(a) The interest rate for loans is determined by the Board and is based on, but may vary from, the Surplus Money Investment Fund (SMIF) rate. The Board, as it deems appropriate, may adjust the interest rate semiannually, after the SMIF rate is announced by the Controller's Office in January and July of each year. The Board shall keep the interest rate as low as possible, consistent with current market conditions and the long-term sustainability of the Recycling Market Development Revolving Loan Program.(b) The interest rate for loans funded through leveraging programs pursuant to Article 1.2 will be negotiated between the Board, the leveraging entity, and if applicable the lender.Cal. Code Regs. Tit. 14, § 17934.5
1. New section filed 4-8-98; operative 5-8-98 (Register 98, No. 15).
2. Amendment of section and NOTE filed 10-18-2005; operative 11-17-2005 (Register 2005, No. 42). Note: Authority cited: Section 40502, Public Resources Code. Reference: Section 42023.4, Public Resources Code.
1. New section filed 4-8-98; operative 5-8-98 (Register 98, No. 15).
2. Amendment of section and Note filed 10-18-2005; operative 11-17-2005 (Register 2005, No. 42).