Summary


The proposed changes specify the maximum amount that can be loaned from the PST Fund. The maximum is 25% of the fund balance, less the amount of outstanding loans, if the fund balance is at least $10,000,000 at the beginning of each calendar year. At least one application period will be designated each calendar year if these criteria are met at the beginning of the year. The proposed changes provide for closing of an open loan application period if the criteria are no longer met, for opening of a new application period if funds become available through repayment or an increase in the fund balance, and for later review of applications in process when an application period closes. The proposed changes remove references to the "Loan Fund", which no longer exists, remove references to charging of interest on loan proceeds, and update citations of the renumbered UST Act loan provisions. The changes incorporate by reference updated versions of loan documents and incorporate by reference two new documents. Changes to the documents include replacing "Executive Secretary" with "Director", adding and removing wording to make the documents fit current state loan document language, and removing from the documents references to "Loan Fund" and interest charged on loan proceeds.