Section 23012 - Loan Agreement (California Code of Regulations)

§ 23012. Loan Agreement

Each loan agreement shall include, but not be limited to, the following terms and conditions:

(a) The interest rate of the loan.

(b) The term of the loan.

(c) A description of the security, if any, given to assure repayment of the loan.

(d) Timeframes for complying with the conditions of loan closing and any special conditions that must be satisfied prior to, or covenants which must be complied with after, the disbursement of funds.

(e) Identification of what is considered an event of default, including a provision that, upon failure to comply with the loan agreement, or if any information provided by the applicant is found to be untrue, any remaining unpaid amount of the loan will be immediately due and payable upon determination of default by the Board.

(f) A provision that the Borrower agrees to waive any claims against and to indemnify and hold harmless the State of California, including the California Integrated Waste Management Board, from and against any and all claims, liabilities, costs, and expenses stemming from operation, maintenance, or environmental degradation at the landfill or arising from or in connection with any activity funded by the loan.

(g) Proof of adequate insurance for the Borrower, naming the Board as loss payee, and when appropriate, naming the Board as additional insured, up to the amount of the loan.

(h) The Borrower shall establish a Landfill Closure Loan Account into which all loan amounts received shall be deposited and from which funds are disbursed. Expenditures from this account shall be made only for eligible project costs as defined in the Loan Agreement.

(i) For Borrowers without approved final closure and postclosure maintenance plans for their landfills(s):

(1)Timeframes for submittal and approval of closure and postclosure maintenance plans, and

(2) Provision requiring approval of final closure and post closure maintenance plans prior to commencing closure activities.

(j) Any other provisions that the Board determines are necessary or appropriate.

Note: Authority cited: Sections 40502 and 48206, Public Resources Code. Reference: Section 48204(a), Public Resources Code.

Disclaimer: Lawrina has made every attempt to ensure the information on this page is accurate, but we cannot guarantee that Section 23012 Loan Agreement is a replica of the current official text. Please use the external links to official resources for the latest version.

We use Cookies to make Your experience on the Portal greater. To learn more about Cookies we use, please read Our Cookie Policy. Do you allow us to use Cookie?
Learn more Accept Cookies