Loans made pursuant to this chapter shall be subject to all of the following requirements: (a) The terms of any approved loan shall be specified in a loan agreement between the borrower and the board. All money received as repayment on a loan shall be deposited in the fund. (b) The board shall approve only those loan applications that demonstrate the applicant`s financial ability to repay the loan. (c) Loans may be made only to applicants who are using trust funds or enterprise funds as financial assurance mechanisms to finance landfill closure and postclosure maintenance and who are in compliance with financial assurance requirements for landfill closure and post-closure maintenance. (d) The term of any loan made pursuant to this section shall be not more than 10 years. (e) The interest rate of any loan made pursuant to this section may be zero percent. (f) The board may not finance more than five hundred thousand dollars ($500,000) for each landfill closure project. (g) The Department of Finance may audit the expenditure of the proceeds of any loan made pursuant to this chapter.
