R305-4-9. Loan Program Limitations

(1) Loan application shall not be approved if: (a) awarding a loan to an applicant would result in the department's inability to fulfill its obligations under this program or this rule; (b) the applicant does not meet the approval requirements of Sections R305-4-4 and R305-4-5, and the project eligibility requirements of Rule R307-123; (c) the fund balance is zero; (d) awarding a loan to an applicant would result in the fund balance being less than zero; (e) the OEM clean vehicle purchased with the loan funds has previously been titled, registered, or driven more than 7,500 miles by a person or entity other than the applicant; (f) the amount of a loan for any vehicle will exceed the requirements in Subsection 19-1-403(3)(b) minus the amount of any tax credit claimed under Section 59-7-618.1 or 59-10-1033.1; or (g) the amount to be loaned for the purchase of vehicle refueling equipment will exceed the requirements in Subsection 19-1-403(3)(d)(ii). (2) The maximum amount that may be approved by the department for a loan is $200,000; the minimum amount that may be approved is $5,000. (3) Awards for applicants applying for both a grant and loan will not exceed the actual cost of the approved project, minus the amount of any tax credit claimed under Section 59-7-618.1 or 59-10-1033.1.