Current through Register 2024 Notice Reg. No. 12, March 22, 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.
