Iowa Administrative Code
Agency 261 - Economic Development Authority
Part XII - Energy Division
Chapter 405 - Alternate Energy Revolving Loan Program
Rule 261-405.3 - Borrowers
Universal Citation: IA Admin Code 261-405.3
Current through Register Vol. 47, No. 6, September 18, 2024
(1) Eligible borrowers. The project shall be wholly owned by the borrower. Eligible borrowers include:
a.
Persons whose primary residence is in Iowa.
b. Businesses registered and domiciled in
Iowa. For businesses organized as limited liability companies, each member of
the limited liability company must be domiciled in Iowa and be an eligible
borrower.
c. Water and wastewater
utilities subject to Iowa Code chapter 388, rural water districts subject to
Iowa Code chapters 357A and 504, and sanitary districts subject to Iowa Code
chapter 358.
(2) Ineligible borrowers. Ineligible borrowers include:
a. An organization that is lending to a
project and also owns the project or is a member of an organization that owns
the project.
b. An individual or an
organization with a history of defaulted loans or compliance violations with
other state programs or rules.
c.
Regents institutions.
d. Community
colleges.
e. State
agencies.
f.Cities, but not water
or wastewater utilities subject to Iowa Code chapter 388.
g. Counties.
h. School districts.
i. Nonprofit organizations.
j. Gas and electric utilities subject to Iowa
Code chapter 3 88 or rural electric cooperatives subject to Iowa Code chapter
476.
Disclaimer: These regulations may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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