§ 3905. Award and administration of loans.

150 words·~1 min read·/pa/title-12/chapter-39/3905

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.

12c3906s