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(1) The department or the department of natural resources and conservation may provide financial assistance from the revolving fund by:

(a) making a loan for the costs of eligible water pollution control projects, subject to the following requirements:

(i) the term may not exceed 20 years after completion of the project, unless otherwise permitted by the federal Act, the Act, the trust indenture regarding the program, the department, and the department of natural resources and conservation;

(ii) repayment must begin as prescribed by the department of natural resources and conservation, but in any event not later than one year after project completion with all principal and interest payments credited directly to the fund;

(iii) the loan recipient shall establish a dedicated source of revenue for repayment of the loan; and

(iv) satisfaction of all additional requirements of the department of natural resources and conservation;

(b) purchasing or refinancing an existing municipal debt obligation for construction of an eligible water pollution control project begun after March 7, 1985, subject to all applicable requirements of the federal Act;

(c) purchasing bond insurance or guaranteeing full and timely payment of principal and interest on a debt obligation; or

(d) guaranteeing a revolving fund established by a municipality that is similar to the state revolving fund.

History: 75-5-1105, MCA; IMP, 75-5-1107, MCA; NEW, 1990 MAR p. 1468, Eff. 7/27/90; TRANS, from DHES, 1996 MAR p. 1499; AMD, 2003 MAR p. 232, Eff. 2/14/03.

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