Or. Admin. Code § 340-178-0050

Current through Register Vol. 63, No. 10, October 1, 2024

Section 340-178-0050 - Reduced Interest Rate Certificate

(1) In accordance with this division, the Department shall issue a reduced interest rate certificate to an applicant who has filed a complete application and meets the requirements of OAR Chapter 340, Division 172 and this division.

(2) Funds collected and deposited into the Underground Storage Tank Compliance and Corrective Action Fund may be used to make reduced interest rate payments. The Department will pay to the lender all valid claims for interest rate payments to the commercial lending institutions against UST Reduced Interest Rate Confirmation letter. A lender can claim reduced interest rate payment on a calendar quarter basis.

(3) The applicant may not assign any right, title, and interest in the reduced interest rate certificate or confirmation letter to any person other than a subsequent property owner, tank owner or permittee of the underground storage tank facility.

(4) UST Reduced Interest Rate Certificates shall be valid for one year from the date of issue. A certificate may be renewed subject to availability of funds from the USTCCA fund.

Or. Admin. Code § 340-178-0050

DEQ 29-1991(Temp), f. 12-18-91, cert. ef. 12-20-91; DEQ 14-1992, f. & cert. ef. 6-11-92

Stat. Auth.:ORS 466.706 -ORS 466.895 &ORS 466.995

Stats. Implemented: OL 1991, Ch. 863, Sec. 6 & 6a