(1) Any person wishing to obtain a Tax Credit
Certificate for an interest rate subsidy on a loan for soil remediation, UST
upgrading, and replacement of UST systems containing motor fuel shall submit a
written application on a form provided by the Department.
(2) The underground storage tank loan
interest rate subsidy application shall include all information required under
OAR
340-180-0050(1)(a) through
(j).
(3) Applications which are unsigned or which
do not contain the required exhibits (clearly identified) will not be accepted
by the Department and will be promptly returned to the applicant for
completion. The application will not be considered complete until the requested
information is received. The application will be considered to be withdrawn if
the applicant fails to submit the requested information within 180 days of the
request.
(4) Applications which are
complete will be accepted by the Department for processing.
(5) Within 30 days after the application is
complete for processing, the Department will approve or deny the issuance of a
Tax Credit Certificate.
(6) If,
upon review of an application, the Department determines that the application
does not meet the requirements of the statutes and rules, the Department shall
notify the applicant in writing of this determination. Such notification shall
constitute final action by the Department on this application.
NOTE:Work qualifying for the Tax Credit
Certificate includes:
-1-Modification, replacement, and installation of
any portion of the UST system containing motor fuel including replacement of
paving and structures located immediately over the UST systems.
-2-Replacement of an underground storage tank
system with an above ground storage tank system that meets existing state and
local codes.
-3-Installation of the underground portion of any
required Stage I vapor recovery system or anticipated future Stage II vapor
recovery system.
-4-Soil remediation for soil contaminated with
motor fuel including replacing excavated soil, paving and structures that are
required to be removed during soil remediation.
(7) The Department shall have access to
books, documents, papers and records held by the applicant which are directly
pertinent to qualifying for the tax credit certificate for the purpose of
making audit, examination, excerpts and transcripts. The applicant shall
maintain these records for three years after the initial loan date.
