“Air district” means an air pollution control district or air quality management district.

“Applicant” means a small business that owns or operates the project tanks and is applying for a loan or a grant.

“Applicant's principals” mean the primary persons in the small business, including any directors, managers, members, officers, or partners.

“Application” means the information contained in sections 3424 or 3425 which an applicant must provide to the Board when seeking a loan or a grant.

“Board” means the State Water Resources Control Board.

“Borrower” means an applicant whose application for a loan has been approved and a fully executed loan is in place.

“California Environmental Reporting System” has the same meaning as defined in section 15110 of title 27 of the California Code of Regulations.

“Capacity” means how much debt an applicant can handle. To determine “capacity,” the Board analyzes an applicant's income streams and any debts or outstanding obligations that may jeopardize repayment.

“Capital” means an applicant's current available assets, including real estate, savings, and investments that the applicant could use to repay debt if the applicant's income decreased.

“Character” means how an applicant has handled past debt obligations. To determine “character,” the Board will evaluate an applicant's credit history and reliability to determine the likelihood that the applicant will repay all loan funds as required.

“Collateral” means equity in real and personal property that will be pledged as security for repayment of a loan, to be forfeited in the event of a default.

“Grant agreement” means a written agreement for a grant made in accordance with this article.

“Grantee” means an applicant for which an application for a grant has been approved and a fully executed grant is in place.

“Local agency” means a local agency authorized pursuant to Health and Safety Code section 25283 to implement chapter 6.7 of division 20 of the Health and Safety Code.

“Loan agreement” means a written agreement for a loan made in accordance with this article.

“Operator” has the same meaning as defined in section 25281 of the Health and Safety Code.

“Owner” has the same meaning as defined in section 25281 of the Health and Safety Code.

“Petroleum” has the same meaning as defined in section 2804 of title 23 of the California Code of Regulations.

“Project” means the work an applicant proposes to perform in order to upgrade, replace, or remove the project tanks.

“Project facility” means the facility, as defined by section 25281 of the Health and Safety Code, at which the project tanks are located.

“Project tanks” means one or more tanks that would be upgraded, replaced, or removed with loan or grant funds. “Project tanks” also includes one or more tanks that are upgraded to comply with the Enhanced Vapor Recovery Phase II regulations.

“RUST Program” means the program administered by the Board pursuant to chapter 6.76 of division 20 of the Health and Safety Code for the purpose of providing grants and loans for upgrading, replacing, or removing project tanks.

“Small business” means a business that complies with all of the following:

“Tank” means an “underground storage tank” as defined in section 25281 of the Health and Safety Code, used for the purpose of storing petroleum. “Tank” also includes under-dispenser containment systems, spill containment systems, enhanced monitoring and control systems, and vapor recovery systems and dispensers connected to the underground piping and the underground storage tank.

“Underground storage tank” means an “underground storage tank” as defined in section 25281 of the Health and Safety Code, used for the purpose of storing petroleum.