Section 365.240  Requirements for Loan Recipients under Title VI of the CWA

a)         Only local government units will be eligible for loans for wastewater treatment works projects or facilities that meet the requirements of the federal Green Project Reserve.

b)         Loan projects must be on the Project Priority List.

c)         Loan projects must be consistent with any plans developed under sections 205(j), 208, 303(e), and 319 of the CWA.

d)         A dedicated source of revenue, sufficient to pay principal and interest when due, must be enacted and pledged by the loan recipient for repayment of the loan.

e)         Loan projects must meet disadvantaged business enterprise requirements in accordance with 40 CFR 33.

f)          Loan projects must meet the applicable requirements of any other federal laws and authorities.

g)         Loans will be made at or below market interest rates.

h)         Loan accounts related to the project construction and the dedicated source of revenue will be maintained by the loan recipient in accordance with Generally Accepted Accounting Principles.

i)          Loans will be fully amortized not later than 20 years after the earlier of the initiation of operation date or the initiation of the loan repayment period.

(Source:  Amended at 34 Ill. Reg. 17582, effective November 8, 2010)