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Award and administration of loans - 12 Pa. Cons. Stat. § 3905

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     § 3905.  Award and administration of loans.
        (a)  Award.--
            (1)  Upon being notified that a loan has been approved
        under 64 Pa.C.S. § 1558(d) (relating to Water Supply and
        Wastewater Infrastructure Program) for an applicant, the
        department shall enter into a contract with the applicant.
        The contract shall be for the amount approved and shall
        specify the terms of the loan in accordance with all of the
        following:
                (i)  A loan shall be at an interest rate not to
            exceed 2%.
                (ii)  A loan shall be for a term not to exceed 20
            years.
            (2)  Upon entering into a contract with the applicant,
        the department shall award the loan for the amount specified
        in the contract.
        (b)  Administration.--Loans made under this section shall be
     administered by the department. Loan payments received by the
     department for a loan awarded under this section shall be
     deposited in the General Fund.

Last modified: November 27, 2007