| (a) The term of the loan shall be determined by SECO
based on the calculated simple payback period of the overall project
from the Utility Assessment Report.
(b) SECO shall set the interest rates in an amount
sufficient to recover the cost of administering the program.
(c) Loan payout and repayment.
(1) Loan proceeds may be used to pay for the entire
cost of the retrofit project, including the cost of the energy assessment
report, engineering design, construction, equipment acquisition and
installation, maintenance, and metering and monitoring.
(2) Loan funds shall be disbursed on a reimbursement
basis after the borrower provides acceptable supporting documentation
that SECO requires.
(3) A state agency may use general revenue funds that
are appropriated for utilities to make loan payments as stipulated
in Government Code, Chapter 2305.
(4) The borrower shall repay the principal of and interest
on the loan in accordance with the Loan Repayment Schedule that the
borrower will receive upon project completion and acceptance by SECO.
(5) Frequency of payments shall be no greater than
quarterly, with quarterly payment dates based on the state fiscal
year.
(6) The borrower may repay loans early without penalty.
(7) No loans will be forgiven.
(d) Loan recipient responsibilities (project monitoring).
(1) Loan recipients shall provide the LoanSTAR Program
with the access and information that is necessary to monitor the performance
of the retrofits, as stated in the loan agreement.
(2) Loan recipients shall be responsible for submission
of all reports that the LoanSTAR Program requests as outlined in the
loan agreement.
(3) Compliance with applicable local, state, and federal
procurement guidelines and procedures is the responsibility of the
loan recipient.
(e) Title to equipment.
(1) Title to all equipment that is acquired under this
program will vest in the borrower, in accordance with applicable state
statutes.
(2) Disposition and inventory of any equipment shall
be done in accordance with state statutes and regulations.
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| Source Note: The provisions of this §19.45 adopted to be effective August 13, 2002, 27 TexReg 7175; amended to be effective March 11, 2010, 35 TexReg 2017; amended to be effective April 7, 2016, 41 TexReg 2497 |
