1. (a) The recipient shall repay all funds received and interest accrued thereon to the department as stipulated in the SLA or allonge, as applicable.
2. (b) The department shall deposit all funds that are repaid under this chapter to be credited directly to the DWGTF.

3. (c) Loan repayment shall:

   1. (1) Not exceed the loan term established in the SLA or allonge; and

   2. (2) For governmental entities, begin by:

      1. a. For infrastructure projects, the earlier of one year following substantial completion of the project or one year following the scheduled completion date as stated in the OLA or ILD, as applicable; or
      2. b. For source water protection projects, one year following project completion.

   3. (3) For non-governmental entities:

      1. a. Commence interest-only payments by 6 months following:

         1. 1. For infrastructure projects, the earlier of substantial completion of the project or the scheduled completion date as stated in the OLA or ILD, as applicable; or
         2. 2. For SWP projects, 6 months following project completion; and

      2. b. Commence principal and interest repayments by one year following:

         1. 1. For infrastructure projects, the earlier of substantial completion of the project or the scheduled completion date as stated in the OLA or ILD, as applicable; or
         2. 2. For SWP projects, 6 months following project completion
4. (d) The loan shall be amortized on an annual basis for governmental entities and on a monthly basis for non-governmental entities.
5. (e) Any recipient may repay a loan, in whole or in part, prior to the date stipulated in the loan agreement with no prepayment penalty.

Source. #12903, eff 10-23-19