(a)

1. (1) The lending rate for the CWRLF program will be set by the Director of the Arkansas Natural Resources Commission.
2. (2) The lending rate is made up of the subsidized interest rate and the financing fee.
3. (3) Either of these rates may be revised any time using the procedure in 15 CAR § 26-205.
4. (4) The lending rate will be associated with a specific loan repayment period.

(b)

1. (1) The lending rate may be modified if the borrower fails to meet a submittal date or the certifiable application date listed in the memorandum of agreement.
2. (2) The penalty will be stated in the executed memorandum of agreement.

(c) Interest rate.

1. (1) The interest rate is the interest rate for the loan.
2. (2) It is combined with the financing fee to create the lending rate of the bond.

(d) Financing fee.

1. (1) The financing fee is a method the Arkansas Natural Resources Commission staff uses to collect funds to administer the program.
2. (2) The financing fee is a rate that will be added to the interest rate to create the lending rate for the bond.