Section 131-2-010 - General Terms of CWSRF and DWSRF LoansGeneral Terms of CWSRF and DWSRF Loans. Loans made under the CWSRF will meet the term requirements of Neb. Rev. Stat. § 81-15,156 and the IUP; loans made under the DWSRF will meet the term requirement of Neb. Rev. Stat. § 71-5325. and the IUP.
010.01 Additional terms and conditions for CWSRF and DWSRF loans will include, but not be limited to, the following: 010.01A The annual principal and interest payment due from a loan recipient will commence no later than one year after Initiation of Operation, one year after completion, or three years from the date of the loan, whichever occurs first. All loans will be fully amortized not later than the term of the loan.010.01B delinquent payment penalty and penalty interest. Payments may be considered delinquent if not received within 15 days of the due date and will be assessed with an administrative penalty not to exceed 5 percent. Interest on administrative penalties will accrue at a rate not to exceed 1 percent per month. Penalties will be assessed in accordance with the IUP and the loan agreement.010.01C Security. The loan will contain provisions designed to ensure proper security of compliance with loan terms and repayment of principal and interest. Such provisions may include one or more of the following:010.01C1 The filing of a lien upon the project in the amount of the loan together with any interest thereon. Such lien to attach to all project facilities, equipment. easements, real property, and any property of any kind or nature which is associated with the project. The Department will file a statement of the lien, its amounts, terms, and a description of the project with the county register of deeds in the county which is the site of the project. The lien will be valid until the principal loan amount with all accrued interest is paid in full or otherwise discharged. The lien will be foreclosed in accordance with applicable state laws. 010.01C2 For non-compliance with terms and conditions of the loan, the Department may demand that the remaining balance of principal and interest become immediately due and payable.010.01C3 Failure to pay any loan payment or other charges due within sixty days of the date due will be considered a delinquent account subject to state action to collect the outstanding obligation. Such amount will be paid directly to the applicable Fund, either the Drinking Water. Clean Water, or Land Acquisition and Source Water Loan Fund. 010.01D Additional terms and conditions may be established in the annual lUPs or administered through the loan agreement.131 Neb. Admin. Code, ch. 2, § 010
Adopted effective 7/21/2019