Section 324.21522 - Interest subsidy program; establishment; purpose; applications; rate; maximum loan period.
NATURAL RESOURCES AND ENVIRONMENTAL PROTECTION ACT (EXCERPT)
Act 451 of 1994
324.21522 Interest subsidy program; establishment; purpose; applications; rate; maximum loan period.
Sec. 21522.
(1) The department of treasury in cooperation with the board shall establish an interest subsidy program through rules. This program shall provide for interest subsidies, upon application, to the owner or operator of a petroleum underground storage tank system who meets the applicable requirements of section 21510(1). Money in the fund shall not be used for loans but shall be used to provide interest subsidies to lenders on loans for the replacement of a petroleum underground storage tank system.
(2) Interest subsidies shall be made under this section, upon application, for the replacement of existing petroleum underground storage tank systems with petroleum underground storage tank systems that meet the requirements of subtitle I of title II of the solid waste disposal act, Public Law 89-272, 42 U.S.C. 6991 to 6991i, for new underground storage tank systems installed after January 1, 1989, and the rules promulgated under part 211.
(3) Applications for the interest subsidy program under this section shall be submitted prior to December 22, 1998.
(4) Beginning August 1, 1993, the department of treasury shall provide all applicants who otherwise qualify for the interest subsidy program, an interest rate subsidy 1% above the 6-month United States treasury bill rate in effect at the beginning of the calendar quarter in which an owner or operator is eligible, but no more than the actual interest rate paid. The maximum loan amount that an interest rate subsidy will be provided for is $200,000.00. The maximum loan period is 10 years.
History: 1994, Act 451, Eff. Mar. 30, 1995
Popular Name: Act 451
Popular Name: NREPA