Ala. Admin. Code r. 335-15-7-.04

Current through Register Vol. 43, No. 1, October 31, 2024

Section 335-15-7-.04 - Alabama Land Recycling Revolving Loan Fund

Proceeds of bond sales, Federal and State appropriations, payments of loan principal and interest, and interest earned on the fund shall be handled in the following manner:

(a) To make loans;

(b) To guarantee or subsidize loans via linked deposit or other appropriate means;

(c) As a source of revenue or security for the payment of principal and interest on revenue bonds issued by the Authority if the net proceeds of the sale of such bonds will be deposited in the Fund;

(d) Any Federal or State funds, which may be made available to the State for loans to any public body for the assessment and cleanup, of an eligible property, under the Act, may be deposited only to the Alabama Land Recycling Revolving Loan Fund.

(e) The monies in the Fund are specifically dedicated and for the purposes identified in Rule 335-15-7-.03; however, no monies shall be expended from the Fund for those purposes without the specific deposits thereof by the Authority.

(f) Payments of principal, interest and penalties on loans awarded from the Fund shall be made to the Fund pursuant to the Act.

(g) All interest earned shall be credited to the Alabama Land Recycling Revolving Loan Fund pursuant to the Act.

(h) Nothing in 335-15 shall establish liability or responsibility on the part of the Department, the Authority or the State of Alabama to make loans from a source other than the Fund.

(i) The Department, the Authority or the State of Alabama shall have no liability or responsibility if the applicant defaults in payment for remedial actions or services undertaken to remediate the site.

Authors: Aubrey H. White, Lawrence A. Norris, James L. Bryant

Ala. Admin. Code r. 335-15-7-.04

New Rule: Filed October 21, 2004; effective November 25, 2004. Amended: Filed August 15, 2006; effective September 19, 2006.

Statutory Authority:Code of Ala. 1975, §§ 22-30F-2, 22-30F-4.