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 5, and the project eligibility requirements of 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 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 provisions in 19-1-403(2)(b) minus the amount of any tax credit claimed under Sections 59-7-605 or 59-10-1009; or

  (g) the amount to be loaned for the purchase of vehicle refueling equipment will exceed the provisions in Subsection 19-1-403(2)(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 Sections 59-7-605 or 59-10-1009.