Utah Administrative Code
Topic - Environmental Quality
Title R311 - Environmental Response and Remediation
Rule R311-212 - Administration of the Petroleum Storage Tank Fund Loan Program
Section R311-212-2 - Declaration of Loan Application Periods, and Loan Application Submittal

Universal Citation: UT Admin Code R 311-212-2

Current through Bulletin 2024-06, March 15, 2024

(1) Application for a loan must be made on forms incorporated in Section R311-212-10, in accordance with Subsection 19-6-409(9).

(a) loan applications will be accepted during application periods designated by the director.

(2) At least one application period shall be designated each calendar year if, on January 1:

(a) the current balance due for outstanding loans is less than 25% of the cash balance of the Petroleum Storage Tank Fund; and

(b) the cash balance of the Fund exceeds $10,000,000.

(3) If the requirements of Subsections R311-212-2(2)(a) and R311-212-2(2)(b) are not met on January 1, but are met at a later time in the calendar year, the director may designate an application period.

(4) An open application period will close if:

(a) the current balance due for outstanding loans exceeds 25% of the cash balance of the Fund; or

(b) the cash balance of the Fund is less than $10,000,000.

(5) If an open application period closes as required by Subsection R311-212-2(4), loan applications currently under review when the application period closes may be renewed when a new application period opens, unless the applicant must re-apply as required by Subsection R311-212-5(1).

(6) Applications must be received by the director by 5 p.m. on the last day of the application period.

(7) Loan applications received outside the application period will be invalid.

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