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15-22-1111. Substitution of loans.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-1111. Substitution of loans.
(a) The Arkansas Natural Resources Commission may remove any loan, bond, note, or other evidence of indebtedness purchased with moneys in the Drinking Water State Revolving Loan Fund Account from that account and substitute another loan, bond, note, or other evidence of indebtedness not then in default as to payment of any installment of principal, interest, or financing fee, and having an equal or greater outstanding principal balance, made by the commission for a purpose authorized by this subchapter.
(b)(1) The commission may forgive principal of loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the account.
(2) However, principal may be forgiven only for loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the account provided by the federal government under the Safe Drinking Water Act to provide additional subsidization to eligible recipients in the form of forgiveness of principal, negative interest loans, or grants or any combination of principal, negative interest loans, or grants.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-1111
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:15-22-1111
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3f9b57710da7b6b2fb07a7f602492e371201b7102a1346e45744c4af06e22c61
Source location: content.xml paragraph 16758
Stored source content
15-22-1111. Substitution of loans.
(a) The Arkansas Natural Resources Commission may remove any loan, bond, note, or other evidence of indebtedness purchased with moneys in the Drinking Water State Revolving Loan Fund Account from that account and substitute another loan, bond, note, or other evidence of indebtedness not then in default as to payment of any installment of principal, interest, or financing fee, and having an equal or greater outstanding principal balance, made by the commission for a purpose authorized by this subchapter.
(b)(1) The commission may forgive principal of loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the account.
(2) However, principal may be forgiven only for loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the account provided by the federal government under the Safe Drinking Water Act to provide additional subsidization to eligible recipients in the form of forgiveness of principal, negative interest loans, or grants or any combination of principal, negative interest loans, or grants.
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