Section 3905 - Award and administration of loans(a) Award.--(1) Upon being notified that a loan has been approved under 64 Pa.C.S. § 1558(d) (relating to Water Supply and Wastewater Infrastructure Program) for an applicant, the department shall enter into a contract with the applicant. The contract shall be for the amount approved and shall specify the terms of the loan in accordance with all of the following:(i) A loan shall be at an interest rate not to exceed 2%.(ii) A loan shall be for a term not to exceed 20 years.(2) Upon entering into a contract with the applicant, the department shall award the loan for the amount specified in the contract.(b) Administration.--Loans made under this section shall be administered by the department. Loan payments received by the department for a loan awarded under this section shall be deposited in the General Fund.2004, Nov. 30, P.L. 1708, No. 218, § 3, imd. effective.