34 Tex. Admin. Code § 19.45 - Project Funding and Repayment
(a) The
term of the loan shall be determined by SECO based on the calculated simple
payback period of the overall project from the Utility Assessment
Report.
(b) SECO shall set the
interest rates in an amount sufficient to recover the cost of administering the
program.
(c) Loan payout and
repayment.
(1) Loan proceeds may be used to
pay for the entire cost of the retrofit project, including the cost of the
energy assessment report, engineering design, construction, equipment
acquisition and installation, maintenance, and metering and
monitoring.
(2) Loan funds shall be
disbursed on a reimbursement basis after the borrower provides acceptable
supporting documentation that SECO requires.
(3) A state agency may use general revenue
funds that are appropriated for utilities to make loan payments as stipulated
in Government Code, Chapter 2305.
(4) The borrower shall repay the principal of
and interest on the loan in accordance with the Loan Repayment Schedule that
the borrower will receive upon project completion and acceptance by
SECO.
(5) Frequency of payments
shall be no greater than quarterly, with quarterly payment dates based on the
state fiscal year.
(6) The borrower
may repay loans early without penalty.
(7) No loans will be forgiven.
(d) Loan recipient
responsibilities (project monitoring).
(1)
Loan recipients shall provide the LoanSTAR Program with the access and
information that is necessary to monitor the performance of the retrofits, as
stated in the loan agreement.
(2)
Loan recipients shall be responsible for submission of all reports that the
LoanSTAR Program requests as outlined in the loan agreement.
(3) Compliance with applicable local, state,
and federal procurement guidelines and procedures is the responsibility of the
loan recipient.
(e)
Title to equipment.
(1) Title to all
equipment that is acquired under this program will vest in the borrower, in
accordance with applicable state statutes.
(2) Disposition and inventory of any
equipment shall be done in accordance with state statutes and
regulations.
Notes
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