Section 5262 - Waste Reduction Loan Terms(a) Except as provided in subsection (b), the terms and conditions of a Waste Reduction Loan shall include all of the following: (1) An interest rate equal to the most recent Surplus Money Investment Fund rate.(2) A maximum Waste Reduction Loan amount of one hundred fifty thousand dollars ($150,000).(3) A minimum Waste Reduction Loan amount of twenty thousand dollars ($20,000).(4) A Waste Reduction Loan term not to exceed the Useful Life of the project, equipment or facilities to be acquired using the proceeds of the Waste Reduction Loan, or seven (7) years, whichever is less.(5) A Waste Reduction Loan fee of two percent (2%) of the amount of the Waste Reduction Loan to be paid to the Agency upon initial disbursement of moneys pursuant to any Waste Reduction Loan Agreement.(6) In the event of an appraisal pursuant to Section 5267(b), the Agency shall be authorized to require the Waste Reduction Loan applicant to pay the appraisal costs as a part of the Waste Reduction Loan or as otherwise agreed upon between the Agency and the Waste Reduction Applicant.(7) Security and collateral, and conditions pertaining thereto, for the Waste Reduction Loan, as determined by the Agency.(8) Late charges in the event of a Default.(9) No other source of funding is available, or any other source of funding is only available with the partial funding by the Hazardous Waste Reduction Loan Program.(b) In any case where the availability of funding from the California Loans for Environmental Assistance Now ("CLEAN") is contingent upon a Waste Reduction Loan, the Agency shall be authorized to approve a Waste Reduction Loan in the form of a letter of credit. The terms and conditions of a Waste Reduction Loan in the form of a letter of credit shall include all of the following: (1) A maximum Waste Reduction Loan amount of one hundred fifty thousand dollars ($150,000).(2) A minimum Waste Reduction Loan amount of twenty thousand dollars ($20,000).(3) The Waste Reduction Loan does not exceed ten percent (10%) of the entire cost of the project to be funded, including all funding sources.(4) A Waste Reduction Loan term not to exceed the term of the loan for which the Waste Reduction Loan serves as a letter of credit.(5) A Waste Reduction Loan fee of two percent (2%) of the amount of Waste Reduction Loan to be paid to the Agency upon execution of the Waste Reduction Agreement.(6) In the event of an appraisal pursuant to Section 5267(b), the Agency shall be authorized to require the Waste Reduction Loan applicant to pay the appraisal costs as a part of the Waste Reduction Loan or as otherwise agreed upon between the Agency and the Waste Reduction Applicant.Cal. Code Regs. Tit. 10, § 5262
1. New section filed 11-7-88 as an emergency; operative 11-7-88 (Register 88, No. 46). A Certificate of Compliance must be transmitted to OAL within 180 days or emergency language will be repealed on 5-6-89.
2. Certificate of Compliance transmitted to OAL 2-27-89 and filed 3-29-89 (Register 89, No. 15).
3. Amendment of section and NOTE filed 11-22-93 as an emergency; operative 11-22-93 (Register 93, No. 49). A Certificate of Compliance must be transmitted to OAL by 4-6-94 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 11-22-93 order transmitted to OAL 3-3-94 with amendment of NOTE and filed 4-13-94 (Register 94, No. 15).
5. Amendment of subsections (a)(5)-(7) and repealer of subsections (b)-(b)(6) filed 12-27-2004 as a deemed emergency pursuant to Corporations Code section 14024; operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must be transmitted to OAL by 6-27-2005 or emergency language will be repealed by operation of law on the following day.
6. Editorial correction of HISTORY 5 (Register 2005, No. 27).
7. Certificate of Compliance as to 12-27-2004 order, including new subsections (b)-(b)(6), transmitted to OAL 5-25-2005 and filed 7-7-2005 (Register 2005, No. 27). Note: Authority cited: Section 14024, Corporations Code. Reference: Section 14097, Corporations Code.
1. New section filed 11-7-88 as an emergency; operative 11-7-88 (Register 88, No. 46). A Certificate of Compliance must be transmitted to OAL within 180 days or emergency language will be repealed on 5-6-89.
2. Certificate of Compliance transmitted to OAL 2-27-89 and filed 3-29-89 (Register 89, No. 15).
3. Amendment of section and Note filed 11-22-93 as an emergency; operative 11-22-93 (Register 93, No. 49). A Certificate of Compliance must be transmitted to OAL by 4-6-94 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 11-22-93 order transmitted to OAL 3-3-94 with amendment of Note and filed 4-13-94 (Register 94, No. 15).
5. Amendment of subsections (a)(5)-(7) and repealer of subsections (b)-(b)(6) filed 12-27-2004 as a deemed emergency pursuant to Corporations Code section 14024; operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must be transmitted to OAL by 6-27-2005 or emergency language will be repealed by operation of law on the following day.
6. Editorial correction of History5 (Register 2005, No. 27).
7. Certificate of Compliance as to 12-27-2004 order, including new subsections (b)-(b)(6), transmitted to OAL 5-25-2005 and filed 7-7-2005 (Register 2005, No. 27).