New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XLII - New York State Environmental Facilities Corporation
Part 2602 - State Clean Water Revolving Fund Regulations
Section 2602.4 - Direct financings
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 2602.4
Current through Register Vol. 46, No. 39, September 25, 2024
(a) The corporation may or, if so directed by the commissioner, shall provide CWSRF assistance for a project pursuant to PAL section 1285-j(4) if and to the extent the corporation may determine that it is unable, or that it is impracticable to finance all or a portion of a project as a leveraged financing.
(b) The corporation may provide a direct financing at a reduced interest rate to an ESP only if:
(1) the project is listed on the IUP's
multi-year PPL, and it has received a project priority score high enough to
place it above any funding line on the IUP's annual PPL, except as otherwise
permitted by the act;
(2) except as
otherwise permitted herein, project planning has been completed and the
recipient has submitted an approved engineering report;
(3) the environmental review process has been
completed;
(4) any necessary
special improvement districts have been formed; and
(5) construction of the project has not been
completed.
(c) Interest rates for direct financings shall be determined by the corporation as an interest rate or rates no higher than the market rate of interest.
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