Or. Admin. R. 340-178-0050 - Reduced Interest Rate Certificate
(1) In accordance with this division, the
Department shall issue a reduced interest rate certificate to an applicant who
has filed a complete application and meets the requirements of OAR Chapter 340,
Division 172 and this division.
(2)
Funds collected and deposited into the Underground Storage Tank Compliance and
Corrective Action Fund may be used to make reduced interest rate payments. The
Department will pay to the lender all valid claims for interest rate payments
to the commercial lending institutions against UST Reduced Interest Rate
Confirmation letter. A lender can claim reduced interest rate payment on a
calendar quarter basis.
(3) The
applicant may not assign any right, title, and interest in the reduced interest
rate certificate or confirmation letter to any person other than a subsequent
property owner, tank owner or permittee of the underground storage tank
facility.
(4) UST Reduced Interest
Rate Certificates shall be valid for one year from the date of issue. A
certificate may be renewed subject to availability of funds from the USTCCA
fund.
Notes
Stat. Auth.:ORS 466.706 -ORS 466.895 &ORS 466.995
Stats. Implemented: OL 1991, Ch. 863, Sec. 6 & 6a
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