Okla. Admin. Code § 785:50-9-27

Current through Vol. 42, No. 7, December 16, 2024

Section 785:50-9-27 - Types of assistance

The Fund may be used for the following purposes:

(1) To make loans on the condition that:

(A) Such loans are made at or below market interest rates, including interest free loans at terms consistent with the Clean Water Act.

(B) Principal and interest payments will commence not later than one year after project completion and all loans will be fully amortized consistent with the Clean Water Act.

(C) The recipient of a loan will establish a dedicated source of revenue for repayment of loans.

(2) To buy or refinance the debt obligation of eligible applicants within the State at or below market rates, when such debt obligations were incurred and construction started after March 7, 1985, for the sole purpose of funding projects that meet the following requirements:

(A) The applicant is the approved designated management agency.

(B) The project is consistent with the water quality management plan.

(C) The project must be listed on the State priority list.

(D) The project has complied with requirements of these regulations and has been approved by the Board.

(E) The project must have approved plans and specifications and construction permit issued by the Department.

(3) For the reasonable costs of administering the fund and conducting activities under Title VI of the Clean Water Act, not to exceed 4% of the federal capitalization grant awards.

Okla. Admin. Code § 785:50-9-27

Added at 10 Ok Reg 3333, eff 7-1-93; Amended at 25 Ok Reg 1473, eff 5-27-08

Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/11/2016