301 CMR 15.03 - Program Management
(1) EEA may use amounts
in the Fund to make both Grants and Loans to eligible recipients as provided in
301 CMR
15.04.
(2) Subject to available funding, EEA will
post a Request for Responses on a publicly accessible common website as
directed by the Commonwealth's Operational Services Division of the
availability of financial assistance from the Fund which will include
information on how to apply and related program requirements.
(3) All awards made shall be subject to
815 CMR 2.00: Grants
and Subsidies.
(4) Upon
establishment of the Fund, 50% of the monies deposited into the Fund shall be
dedicated to a sub-account for Grant and Loan awards for projects related to
Dams. The repayment of principle on all Loans from this sub-account shall
remain dedicated to providing Loan assistance to projects related to
Dams.
(5) Upon establishment of the
Fund, the remaining 50% of the monies deposited into the Fund shall be
dedicated to a sub-account for Grant and Loan awards for projects related to
other means of flood or wave control including, but not limited to, Seawalls,
Jetties, Groins, Revetments, Retaining Walls, and Levees. The repayment of
principle on all Loans from this sub-account shall remain dedicated to these
purposes.
(6) Subsequent to the
establishment of the Fund, interest paid to EEA on Loans issued shall also be
allocated evenly to each sub-account as described 301 CMR 15.03(4) and
(5).
(7) The Secretary shall
solicit public input periodically on the priorities to be addressed by Grants
and Loans authorized under
301 CMR
15.06.
(8) EEA may contract with a third party to
assist with fund administration.
(9) EEA may charge an annual fee to cover the
cost of Loan administration during the term of the loan. All such fees and any
interest charged will be outlined in the loan agreement.
Notes
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