2005 Vermont Code - § 1944. — Underground storage tank loan assistance program

§ 1944. Underground storage tank loan assistance program

(a) The secretary may make individual loans of up to $40,000.00 for:

(1) the replacement or removal of underground motor fuel storage tanks used for the storage of petroleum products and permitted under section 1927 of this title and in existence on January 1, 1987. Such loans may be made only for the replacement or removal of motor fuel tanks at a retail gasoline outlet that sells less than 20,000 gallons of gasoline per month or at a municipal facility when the municipality has a population of less than 2,500 people;

(2) the removal, or the replacement or improvement, or both, of piping, tank-top sumps, and other components of the secondary containment and release detection systems, for the purpose of reducing the likelihood of a release of regulated substance to the environment.

(b) Loans shall be made to the person who owns the existing motor fuel tanks or will own the new motor fuel tanks. Loans will be in accordance with terms and conditions established by the secretary which shall include but not be limited to requirements that:

(1) loans be made only for the costs associated with the replacement or removal of an underground motor fuel storage tank or improvement of piping and ancillary equipment used for the storage of petroleum products and associated facilities with a tank and facilities conforming to the requirements of this chapter;

(2) loans be secured by means satisfactory to the secretary;

(3) proposed projects comply with all planning, zoning, laws, and regulation of the municipality where they are located and of the state of Vermont;

(4) loans have a satisfactory maturity date, in no case later than ten years from the date of the loan.

(c) The loans will be at a zero interest rate.

(d) The secretary shall deposit repayments to the petroleum cleanup fund.

(e) The secretary may contract with other state agencies or authorities or with a commercial lending institution to carry out all or any portion of this loan program.

(f) At no time shall the amount of outstanding loans exceed the total of the amount of funds deposited to the petroleum cleanup fund from the licensing fee established by section 1942 of this title.

(g) The secretary may refinance existing loans for motor fuel tanks used for the storage of petroleum products incurred after July 1, 1987 under the same terms, conditions, and limitations which apply to initial loans. (Added 1987, No. 282 (Adj. Sess.), § 4; amended 1999, No. 128 (Adj. Sess.), § 2; 2003, No. 153 (Adj. Sess.), § 3.)