Home Table of Contents

§ 3905. Award and administration of loans

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: November 30, 2004

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part III. Economic Development Programs
Chapter 39. Water Supply and Wastewater Infrastructure Capitalization
Effective: November 30, 2004
12 Pa.C.S.A. § 3905
§ 3905. Award and administration of loans
Currentness
(a) Award.--
(1) Upon being notified that a loan has been approved under 64 Pa.C.S. § 1558(d) (relating to Water Supply and Wastewater Infrastructure Program) for an applicant, the department shall enter into a contract with the applicant. The contract shall be for the amount approved and shall specify the terms of the loan in accordance with all of the following:
(i) A loan shall be at an interest rate not to exceed 2%.
(ii) A loan shall be for a term not to exceed 20 years.
(2) Upon entering into a contract with the applicant, the department shall award the loan for the amount specified in the contract.
(b) Administration.--Loans made under this section shall be administered by the department. Loan payments received by the department for a loan awarded under this section shall be deposited in the General Fund.

Credits

2004, Nov. 30, P.L. 1708, No. 218, § 3, imd. effective.
12 Pa.C.S.A. § 3905, PA ST 12 Pa.C.S.A. § 3905
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document