(1) As available and awarded, financial assistance for the planning phase will be provided in the form of:
- (a) Grants in the amount of fifty percent of the total eligible phase costs; and
- (b) Concurrent loans in the amount of forty percent of the total eligible phase costs.
- (2) Loans shall be for a maximum five-year period, repayable at an annual percentage rate which equals the rate for one year federal treasury bills at the first auction following July 1 of the state fiscal year in which the loan agreement is entered into, discounted by four percent.
- (3) Comprehensive water conservation plans must precede the implementation phase for projects approved after the effective date of these rules.
- (4) Financial assistance for the planning phase, regardless of the form it takes, may not exceed two hundred thousand dollars per applicant.
[Statutory Authority: Chapter 43.99E RCW, Referendum 38, and RCW 90.54.040. WSR 03-07-104 (Order 02-11), § 173-170-050, filed 3/19/03, effective 4/19/03. Statutory Authority: RCW 43.17.060. WSR 90-20-109, § 173-170-050, filed 10/2/90, effective 11/2/90.]