Administrative Rules of Montana
Department 36 - NATURAL RESOURCES AND CONSERVATION
Chapter 36.24 - WATER POLLUTION CONTROL STATE REVOLVING FUND ACT
Subchapter 36.24.1 - Financial Assistance
Rule 36.24.110 - TERMS OF LOAN AND BONDS
Current through Register Vol. 6, March 22, 2024
(1) The source of funding of the loans under this program initially will be 83.33% from the EPA and 16.67% from the proceeds of the state's bonds, as adjusted as permitted from time to time by the federal act, the act, and applicable program documents.
(2) Unless the department otherwise agrees, each loan shall be payable, including principal and interest thereon and the administrative expense surcharge and loan loss reserve surcharge, if any, over a term approved by the department, not to exceed 20 years after the completion date of the project, or such longer period as may then be permissible under the federal act or the act. In no case shall the term of a loan exceed the useful life of the project being financed.
(3) The department may also permit the borrower of a construction loan not to pay administrative expense surcharge and loan loss reserve surcharge, if any, on such construction loan until up to five months after the completion of construction of the project, but such administrative expense surcharge and loan loss reserve surcharge, if any, shall nonetheless accrue and shall be payable not later than the fifth month following completion of construction. Notwithstanding the previous sentence, the borrower shall pay all interest, administrative expense surcharge and loan loss reserve surcharge, if any, accrued on any construction loan disbursement no later than the twenty-fourth month after such disbursement is made and must thereafter make regular payments of interest, administrative expense surcharge and loan loss reserve surcharge, if any, on such disbursement.
75-5-1105, MCA; IMP, 75-5-1113, MCA;