Sec. 26.03.07.07. Award of a Loan

The Department of the Environment may only approve a loan to industrial users for projects that provide pretreatment of pollutants that are discharged directly or indirectly into publicly owned treatment works if:

A. The Secretary of Housing and Community Development determines that there is a reasonable assurance of repayment of the loan;

B. The Secretary of Housing and Community Development determines that the applicant for a loan is unable to obtain, on reasonable term sufficient credit to finance the applicant's actual needs without the loan;

C. The Department of the Environment determines that the project meets applicable technical standards and that cost estimates are reasonable and represent eligible cost;

D. When the applicant does not own the property where the pretreatment project will be constructed, the landowner consents to the terms and conditions of the agreement;

E. The Secretary of the Department of the Environment determines that the project will cost-effectively reduce the discharge of pollutants and improve water quality; and

F. The loan:

(1) Bears at least the same rate of interest as the most recent State general obligation bond sale preceding the date of approval by the Board of Public Works;

(2) Shall be repaid within 30 years; and

(3) Does not exceed, as an aggregate principal amount to a single applicant in a calendar year, $500,000, unless the Board of Public Works determines that extraordinary circumstances exist.