Louisiana Administrative Code
Title 33 - ENVIRONMENTAL QUALITY
Part IX - Water Quality
Subpart 1 - Water Pollution Control
Chapter 21 - Clean Water State Revolving Fund
Subchapter A - Clean Water State Revolving Fund
Section IX-2113 - Loans
Universal Citation: LA Admin Code IX-2113
Current through Register Vol. 50, No. 9, September 20, 2024
A. Loans shall be made only to eligible applicants that:
1. meet
the requirements of financial capability as defined in LAC
33:IX.2105 set by the department to assure sufficient revenues to operate and
maintain the facility for its useful life and to repay the loan;
2. possess an acceptable source of revenue
for repayment of the loan. Acceptable sources of revenue for municipalities may
include charges as defined in LAC 33:IX.2105, sales taxes,
property taxes, other sources of revenue that may be legally dedicated, and
revenue that is deemed acceptable by the department;
3. agree to operate and maintain the
wastewater facility so that the facility will function properly over the design
life of the facility, which shall not be less than the term of the
loan;
4. agree to properly maintain
financial records, to allow an audit of the project's financial records by a
certified public accountant, and to make these records available to the
department upon request;
5. provide
a written assurance, signed by an attorney, that the applicant has proper
title, easement and right-of-way to the property upon or through which the
project is to be constructed or extended; and
6. agree to provide a written notice to the
department of completion of the project; and
7. ensure that the expenditure of funds by
loan recipients for construction as defined in LAC 33:IX.2105
or other eligible project costs shall begin within six months after entering
into a binding commitment or on a more stringent time frame as may be required
by financing agreements. Failure by the loan recipient to start the expenditure
of funds within one year after entering into a binding commitment will result
in the withdrawal of all financial assistance from the CWSRF.
B. Loans shall be made for a period of time not to exceed 30 years.
C. Loan repayments of the principal and interest installments will be set by the department in the executed loan agreement. Interest payments on the amount drawn shall begin within one year following the loan closing. Principal repayments shall begin within one year following completion of the project, but no later than three years after the loan closing.
AUTHORITY NOTE: Promulgated in accordance with R.S. 30:2011(D)(1).
Disclaimer: These regulations may not be the most recent version. Louisiana 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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