1. (1) Property owners, tank owners, and permittees of a UST facility that contains motor fuel may qualify to receive a guaranteed loan for soil remediation, UST upgrading, and UST replacement.
2. (2) The applicant for a guaranteed loan shall provide a minimum down payment of 20 percent.
3. (3) The guaranteed loan must be issued by a commercial lending institution.

4. (4) The loan guarantee provided by the Department may be up to 80 percent of the loan principal, not to exceed $64,000 at any facility location.

   NOTE: For example, for a $50,000 UST project, the applicant must provide a minimum 20 percent down payment ($10,000), the commercial lending institution may loan the remaining 80 percent ($40,000), and the Department may only guarantee 80 percent of the amount of money loaned. In this case the loan guarantee would be $32,000.

5. (5) Loan guarantees shall be issued in a priority order, in accordance with OAR 340-180-0020 and 340-180-0060.
6. (6) Only one loan guarantee may be issued to each facility.

7. (7) The loan guarantee is limited to work for soil remediation at a facility where USTs contain motor fuel and work to upgrade or replace the underground storage tank systems containing an accumulation of motor fuel located at a facility where:

   1. (a) The USTs are regulated by OAR 340, division 150;
   2. (b) UST system upgrading, retrofitting and replacement is performed by licensed service providers in accordance with OAR 340-160-0005 through 340-160-0150;
   3. (c) UST tightness testing and/or soil assessment was performed prior to issuance of a loan guarantee;
   4. (d) Performance of UST tightness testing and/or soil assessment was in accordance with OAR 340-170-0010 through 340-170-0080;
   5. (e) Each regulated underground storage tank has a valid UST permit; and
   6. (f) Work started after September 1, 1989 and is completed by August 31.
8. (8) Loan guarantees are not available to pay for soil remediation at a facility undergoing decommissioning, including tank removal or where tanks are being filled in place.
9. (9) Money from a loan guaranteed by the Department shall only be used for labor, material and equipment listed on the Department published eligible expense list.

Statutory/Other Authority

ORS 466.706 - 466.995

Statutes/Other Implemented

OL 1989 & Ch. 1071

History

DEQ 13-1990, f. & cert. ef. 3-13-90
DEQ 25-1989(Temp), f. & cert. ef. 10-26-89