Administrative fees, loan rates, and terms for Safe Drinking Water Fund loans
Arkansas Code § 15-20-205; Arkansas Code § 15-22-1103
- (a) Applicants receiving a loan from the Safe Drinking Water Fund shall pay to the Arkansas Natural Resources Commission an administrative fee of three percent (3%) of the amount of the loan received.
(b)
- (1) A loan servicing fee rate will be charged to the borrower’s loan repayments.
- (2) The servicing fee rate is part of the borrower’s combined loan rate.
- (3) The servicing fee rate and the combined loan rate will be set upon the project’s obligation by the commission.
- (c) Loans from the fund shall be repaid in full at an interest rate up to the maximum allowed under the Arkansas Constitution, Article 19, § 13, as amended by Amendment 60 [repealed].