Section 10092.17 - Interest Rate Buy-Down Disbursement(a) The Authority may from time to time have access to funding for Interest Rate Buy-Down (IRBD) campaigns. The IRBD amount shall be calculated against the Claim-Eligible Financed Amount.(b) When the Authority gains access to IRBD funds, the Authority shall do all of the following:(1) Develop an IRBD term sheet describing the IRBD campaign, including the following information: (A) The total amount of IRBD funding available.(B) The target interest rate or amount of rate reduction.(C) If applicable, the maximum amount of IRBD funds available per Eligible Financing Agreement.(D) An indication of what Eligible Energy Measures, Eligible Commercial Financing Customers, Eligible Properties, or other eligibility criteria may qualify an Eligible Financing Agreement for IRBD.(E) Terms for and the process by which Finance Provider Entities may apply to participate in the IRBD campaign, and how the IRBD shall be calculated and disbursed.(2) The terms of the IRBD shall not contradict or override existing requirements and criteria described in these regulations.(c) The Authority will publish the IRBD term sheet on its website and notify the interested parties list described in Section 10092.16(a)(1).(d) Any Finance Provider Entity that wishes to participate in an IRBD campaign shall submit a signed IRBD term sheet agreeing to the terms and processes outlined therein. Participation shall be subject to the Finance Provider Entity's ability to comply with the terms of the IRBD campaign. The Authority's decision regarding participation shall be final. The Authority will notify the Finance Provider Entity of its decision and provide a Program Participation ID for the Finance Provider Entity.Cal. Code Regs. Tit. 4, § 10092.17
Note: Authority cited: Sections 26006 and 26009, Public Resources Code. Reference: Sections 26002, 26002.5, 26003, 26006, 26011 and 26040, Public Resources Code.
1. New section filed 5-13-2024 as a deemed emergency pursuant to public Resources Code section 26009; operative 5/13/2024 (Register 2024, No. 20). A Certificate of Compliance must be transmitted to OAL by 11-12-2024 or emergency language will be repealed by operation of law on the following day.