1. (a) Upon receipt of the material obtained by the Agency pursuant to sections 5266, 5267 and 5268, the Agency shall approve the Waste Reduction Loan Application when it finds all of the following requirements are met:

   1. (1) DTSC has approved the Waste Reduction Application after reviewing it pursuant to Section 5266.
   2. (2) A Corporation, or in the case of a letter of credit, the Agency, has recommended approval after undertaking the review required by Section 5267.
   3. (3) The Environmental Audit made in accordance with Section 5268 supports or does not materially affect the decision to make the Waste Reduction Loan.
   4. (4) The Agency determines that the collateral and the source of repayment are sufficient for the proposed Waste Reduction Loan.
   5. (5) The Agency determines that funds are available to meet the funding request.
2. (b) Where any of the conditions and requirements of this Section have not been met, the Agency shall deny the Waste Reduction Application and determine what specific actions, if any, the Waste Reduction Applicant must take to obtain further Agency evaluation and review of the Waste Reduction Application.
3. (c) No later than sixty (60) days from the date upon which the Agency mails the letter pursuant to Section 5264(b)(2), the Agency shall notify the Waste Reduction Applicant of the Agency's loan decision, along with any explanation required by subsection (b) above.
4. (d) If the Agency approves the Waste Reduction Loan then it shall be authorized to enter into a Waste Reduction Loan Agreement which embodies the terms specified in Section 5262.
5. (e) If the Agency denies the Waste Reduction Application, the Waste Reduction Applicant shall have no right to administratively appeal the decision but may reapply at any time.

Note: Authority cited: Section 14024, Corporations Code. Reference: Sections 14095, 14097 and 14098, Corporations Code.

History

1. New section filed 11-7-88 as an emergency; operative 11-7-88 (Register 88, No. 46). A Certificate of Compliance must be transmitted to OAL within 180 days or emergency language will be repealed on 5-6-89.

2. Certificate of Compliance transmitted to OAL 2-27-89 and filed 3-29-89 (Register 89, No. 15).

3. Amendment of subsections (a), (a)(2)-(3) and Note filed 11-22-93 as an emergency; operative 11-22-93 (Register 93, No. 49). A Certificate of Compliance must be transmitted to OAL by 4-6-94 or emergency language will be repealed by operation of law on the following day.

4. Certificate of Compliance as to 11-22-93 order transmitted to OAL 3-3-94 with amendment of Note and filed 4-13-94 (Register 94, No. 15).

5. Amendment of section heading and section filed 12-27-2004 as a deemed emergency pursuant to Corporations Code section 14024; operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must be transmitted to OAL by 6-27-2005 or emergency language will be repealed by operation of law on the following day.

6. Editorial correction of History 5 (Register 2005, No. 27).

7. Certificate of Compliance as to 12-27-2004 order transmitted to OAL 5-25-2005 and filed 7-7-2005 (Register 2005, No. 27).