1. (a) Financial assistance awarded by the commission shall be in one of the following forms:

   1. (1) An original loan;
   2. (2) A grant; or
   3. (3) A combination of a grant and a loan.

2. (b) Loans awarded by the commission shall be made only with the following conditions:

   1. (1) A loan shall have a term specified in the final application;
   2. (2) Principal and interest payments shall commence within one year of project completion;
   3. (3) The recipient has established a dedicated source of revenue for repayment of the loan in accordance with Env-Dw 1303.07;
   4. (4) The recipient has completed all necessary documentation and agreements required by the department to issue a loan; and
   5. (5) The loan has been approved by the governor and council.

3. (c) Grants awarded by the commission shall be made with the following conditions:

   1. (1) The recipient has completed all necessary documentation and agreements required by the department to issue a grant; and
   2. (2) The grant has been approved by the governor and council.

Source. #12903, eff 10-23-19