1. (1) Loan application shall not be approved if:

   1. (a) awarding a loan to an applicant would result in the department's inability to fulfill its obligations under this program or this rule;
   2. (b) the applicant does not meet the approval requirements of Sections R305-4-4 and R305-4-5, and the project eligibility requirements of Rule R307-123;
   3. (c) the fund balance is zero;
   4. (d) awarding a loan to an applicant would result in the fund balance being less than zero;
   5. (e) the OEM clean vehicle purchased with the loan funds has previously been titled, registered, or driven more than 7,500 miles by a person or entity other than the applicant;
   6. (f) the amount of a loan for any vehicle will exceed the requirements in Subsection 19-1-403(3)(b) minus the amount of any tax credit claimed under Section 59-7-618.1 or 59-10-1033.1; or
   7. (g) the amount to be loaned for the purchase of vehicle refueling equipment will exceed the requirements in Subsection 19-1-403(3)(d)(ii).
2. (2) The maximum amount that may be approved by the department for a loan is $200,000; the minimum amount that may be approved is $5,000.
3. (3) Awards for applicants applying for both a grant and loan will not exceed the actual cost of the approved project, minus the amount of any tax credit claimed under Section 59-7-618.1 or 59-10-1033.1.

KEY: air pollution, clean fuels, grants and loans, motor vehicles

Date of Last Change: February 2, 2023

Notice of Continuation: May 8, 2023

Authorizing, and Implemented or Interpreted Law: 19-1-402 through 19-1-404