1. (a) The minimum loan amount that will be guaranteed is the smallest amount which an approved lending institution is willing to loan to the borrower.

2. (b) The maximum loan guarantee amounts shall be subject to the following limitations:

   1. (1) A loan guarantee will not exceed $1,000,000 or the cost of the specified corrective action, whichever is less.

   2. (2) The total loan guarantee amount awarded to any one borrower will not exceed fifty percent (50%) of the balance of funds in the Account allocated for loan guarantees at the time the guarantee is awarded.

      The Board may guarantee a loan in excess of these limits if it determines that a guarantee with a greater value is necessary to mitigate hazards to public health, damage to the environment, or nuisance to the public.

Note: Authority cited: Sections 46201 and 40502, Public Resources Code. Reference: Sections 46300, 46301 and 46303, Public Resources Code.

History

1. New section filed 4-2-90; operative 5-2-90 (Register 90, No. 14).

2. Change without regulatory effect amending section filed 5-17-91 pursuant to section 100, title 1, California Code of Regulations (Register 91, No. 27).