Ariz. Admin. Code § 18-15-701

Current through Register Vol. 30, No. 45, November 8, 2024

Section R18-15-701 - Interest Rate Setting and Forgivable Principal

A. The Authority shall prescribe the rate of interest, including interest rates as low as 0% on Authority loans, bond purchase agreements, and linked deposit guarantees based on the applicant's local fiscal capacity under R18-15-204(A)(6) or R18-15-304(A)(6), or financial need under R18-15-404(A)(5), and an applicant's ability to generate sufficient revenues to pay debt service.

B. The Authority may forgive principal on Clean Water and Drinking Water loans, bond purchase agreements, and linked deposit guarantees based on:

1. The applicant's local fiscal capacity under R18-15-204(A)(6) and R18-15-304(A)(6),

2. Whether the applicant cannot otherwise afford the project,

3. Whether the project qualifies for the Green Project Reserve as defined by EPA, and

4. Whether the project mitigates stormwater runoff.

Ariz. Admin. Code § R18-15-701

New Section adopted by final rulemaking at 6 A.A.R. 2116, effective May 16, 2000 (Supp. 00-2). Amended by final rulemaking at 7 A.A.R. 5956, effective December 4, 2001 (Supp. 01-4). Amended by final rulemaking at 16 A.A.R. 1709, effective October 9, 2010 (Supp. 10-3). Amended by final rulemaking at 24 A.A.R. 239, effective 3/11/2018.