Pennsylvania § 3905 Award and administration of loans

Pennsylvania Statutes

§ 3905 — Award and administration of loans

Pennsylvania § 3905

Title 12COMMERCE AND TRADE

PartPART III

Ch. 39WATER SUPPLY AND WASTEWATER

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Bluebook

12 Pa. Cons. Stat. § 3905 (2026).

Text

(a)Award.--

(1)Upon being notified that a loan has been approved under 64 Pa.C.S. § 1558(d) (relating to Water Supply and Wastewater Infrastructure Program) for an applicant, the department shall enter into a contract with the applicant. The contract shall be for the amount approved and shall specify the terms of the loan in accordance with all of the following:

(i)A loan shall be at an interest rate not to exceed 2%.

(ii)A loan shall be for a term not to exceed 20 years.

(2)Upon entering into a contract with the applicant, the department shall award the loan for the amount specified in the contract.

(b)Administration.--Loans made under this section shall be administered by the department. Loan payments received by the department for a loan awarded under this section shall be de

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(a) Award.--

(1) Upon being notified that a loan has been approved under 64 Pa.C.S. § 1558(d) (relating to Water Supply and Wastewater Infrastructure Program) for an applicant, the department shall enter into a contract with the applicant. The contract shall be for the amount approved and shall specify the terms of the loan in accordance with all of the following:

(i) A loan shall be at an interest rate not to exceed 2%.

(ii) A loan shall be for a term not to exceed 20 years.

(2) Upon entering into a contract with the applicant, the department shall award the loan for the amount specified in the contract.

(b) Administration.--Loans made under this section shall be administered by the department. Loan payments received by the department for a loan awarded under this section shall be deposited in the General Fund.