OAR 340-180-0030: General Provisions Guaranteed Underground Storage Tank Facility Loan

(1) Property owners, tank owners, and permittees of a UST facility that contains motor fuel may qualify to receive a guaranteed loan for soil remediation, UST upgrading, and UST replacement. (2) The applicant for a guaranteed loan shall provide a minimum down payment of 20 percent. (3) The guaranteed loan must be issued by a commercial lending institution. (4) The loan guarantee provided by the Department may be up to 80 percent of the loan principal, not to exceed $64,000 at any facility location. NOTE: For example, for a $50,000 UST project, the applicant must provide a minimum 20 percent down payment ($10,000), the commercial lending institution may loan the remaining 80 percent ($40,000), and the Department may only guarantee 80 percent of the amount of money loaned. In this case the loan guarantee would be $32,000. (5) Loan guarantees shall be issued in a priority order, in accordance with OAR 340-180-0020 and 340-180-0060. (6) Only one loan guarantee may be issued to each facility. (7) The loan guarantee is limited to work for soil remediation at a facility where USTs contain motor fuel and work to upgrade or replace the underground storage tank systems containing an accumulation of motor fuel located at a facility where: (a) The USTs are regulated by OAR 340, division 150; (b) UST system upgrading, retrofitting and replacement is performed by licensed service providers in accordance with OAR 340-160-0005 through 340-160-0150; (c) UST tightness testing and/or soil assessment was performed prior to issuance of a loan guarantee; (d) Performance of UST tightness testing and/or soil assessment was in accordance with OAR 340-170-0010 through 340-170-0080; (e) Each regulated underground storage tank has a valid UST permit; and (f) Work started after September 1, 1989 and is completed by August 31. (8) Loan guarantees are not available to pay for soil remediation at a facility undergoing decommissioning, including tank removal or where tanks are being filled in place. (9) Money from a loan guaranteed by the Department shall only be used for labor, material and equipment listed on the Department published eligible expense list.