Current through Register Vol. 24-06, March 15, 2024
(1)
Implementation phase projects will be categorized by the department as Class A
projects or Class B projects in accordance with the definitions for those terms
under WAC
173-170-020(5) and
(6).
(2) As funds are available and awarded,
financial assistance for Class A projects subject to a completed comprehensive
water conservation plan shall be provided in the form of:
(a) Grants in the amount of thirty percent of
the total eligible project costs; and
(b) Concurrent loans in the amount of sixty
percent of the total eligible project costs.
(c) The department may issue an additional
portion of the funding in grants for projects with significant public
benefit.
(3) As funds
are available and awarded, financial assistance for Class B projects subject to
a completed comprehensive water conservation plan will be provided in the form
of:
(a) Grants in the amount of fifteen
percent of the total eligible project costs; and
(b) Concurrent loans in the amount of
seventy-five percent of the total eligible project costs.
(4) Financial assistance for implementation
phase projects shall be limited to a total of two million five hundred thousand
dollars per applicant regardless of the form, except that loans once fully
repaid shall not be measured against the limit.
(5) Loans awarded shall be available on the
following repayment and interest schedule:
(a)
Loans for up to a maximum five-year period, repayable with interest at an
annual percentage rate which equals the rate for one year federal treasury
bills at the first auction following the beginning of the state fiscal year
(July 1) in which the loan agreement is entered into, discounted by four
percent.
(b) Loans for five years
through a maximum ten-year period, repayable with interest at an annual
percentage rate which equals the rate for one year federal treasury bills at
the first auction following the beginning of the state fiscal year (July 1) in
which the loan agreement is entered into, discounted by two percent.
(c) Loans for ten years through a maximum
fifteen-year period, repayable with interest at an annual percentage rate which
equals the rate for one year federal treasury bills at the first auction
following the beginning of the state fiscal year (July 1) in which the loan
agreement is entered into, discounted by one percent.
(d) Loans for fifteen years through a maximum
twenty-five-year period, repayable with interest at an annual percentage rate
which equals the rate for one year federal treasury bills at the first auction
following the beginning of the state fiscal year (July 1) in which the loan
agreement is entered into.
Statutory Authority: Chapter 43.99E RCW, Referendum 38, and
RCW
90.54.040. 03-07-104 (Order 02-11), §
173-170-080, filed 3/19/03, effective 4/19/03. Statutory Authority:
RCW
43.17.060. 90-20-109, § 173-170-080,
filed 10/2/90, effective 11/2/90.
