Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) In
addition to the Loan terms established by Government Code section
15399.14, each
Loan Agreement shall include the following terms and conditions:
(1) A description of security and collateral for
the Loan and conditions pertaining thereto, as determined by the Office, and agreed
to by the Applicant.
(2) A provision
that the Borrower shall pay late charges in the event of a default.
(3) An affirmative covenant by the Borrower that
it shall continuously comply with any applicable federal, state, or local
requirement, including requirements for operating Underground Storage Tanks
throughout the term of the Loan.
(4) An
agreement that all work funded with Loan proceeds shall be performed by a licensed
contractor as defined in title 10, California Code of Regulations, section
5250(i).
(b) Disbursements shall be in stages, and each
stage shall require conditions precedent to disbursement. The stages, and conditions
precedent to disbursement for each stage, are as follows:
(1) If the Borrower is removing the Project Tank,
disbursement is conditioned on:
(A) Providing to
the Office an executed contract for removal by a licensed contractor with costs
consistent with the Project budget contained in the Loan Agreement; and
(B) A valid Permit issued by the Local Agency
authorizing removal of the Project Tank.
(2) If the Borrower is upgrading the Project Tank,
disbursement is conditioned on:
(A) An executed
contract for upgrading the Tank by a licensed contractor with costs consistent with
the Project budget contained in the Loan Agreement;
(B) A valid Permit issued by the Local Agency
authorizing removal of the Project Tank if removal is part of the Project;
and
(C) A copy of the Local Agency
authority to close the Tank site if closure is part of the
Project.
(3) If the Project is
Tank replacement, disbursement is conditioned on providing to the Office:
(A) An executed contract for removal of the old
Tank and placement of a new Tank by a licensed contractor with costs consistent with
Project budget contained in the Loan Agreement;
(B) A valid Permit issued by the Local Agency
authorizing removal and replacement of the Tank; and
(C) A copy of the Local Agency authority to close
the Tank site if closure is part of the Project.
(4) If the Project is to take Corrective Action;
disbursement is conditioned on providing to the Office:
(A) An executed contract for Corrective Action by
a licensed contractor with costs consistent with Project budget contained in the
Loan Agreement; and
(B) A valid Permit
issued by the Local Agency for the Project.
1. New section filed
2-8-90 as an emergency; operative 2-8-90 (Register 90, No. 7). A Certificate of
Compliance must be transmitted to OAL within 180 days or emergency language will be
repealed by operation of law on 8-7-90.
2. Repealed by operation of
Government Code section
11346.1(g)
(Register 91, No. 13).
3. New section filed 2-25-91 as an emergency;
operative 2-25-91 (Register 91, No. 13). A Certificate of Compliance must be
transmitted to OAL by 8-26-91 or emergency language will be repealed by operation of
law on the following day.
4. Certificate of Compliance as to 2-25-91
order including amendment of subsection (b) transmitted to OAL 5-24-91 and filed
6-24-91 (Register 91, No. 40).
Note: Authority cited: Section
15399.16,
Government Code. Reference: Section
15399.14,
Government Code.
