414.356. Loans, maximum amount--interest rate and repayment terms.
Loans, maximum amount--interest rate and repayment terms.
414.356. 1. Using the fund created in section 414.359, the divisionshall provide loans of:
(1) A maximum of two thousand dollars for the incremental cost ofpurchasing a new vehicle capable of operating on an alternative fuel;
(2) A maximum of two thousand dollars for the conversion of a new orexisting vehicle designed to operate on gasoline to enable such vehicle tooperate on an alternative fuel; and
(3) A maximum of one hundred thousand dollars for the construction ofa fueling station capable of dispensing an alternative fuel.
2. No political subdivision shall receive in aggregate more than onehundred thousand dollars in loans for the purchase or conversion ofalternative fuel vehicles in any one year.
3. No political subdivision shall receive in aggregate more than onehundred thousand dollars in loans for the construction of fueling stationsin any one year.
4. The division shall establish the interest rate and terms ofrepayment for each loan agreement established pursuant to sections 414.350to 414.359. In establishing the repayment schedule, the division shallconsider the projected savings to the political subdivision resulting fromuse of an alternative fuel, but such repayment schedule shall be for amaximum repayment period of four years and shall include provisions forpayments to be made on a monthly basis.
5. Any political subdivision that receives a loan pursuant tosections 414.350 to 414.359 shall:
(1) Remit payments on the repayment schedule established by thedivision;
(2) Agree to use the alternative fuel for which vehicles purchasedwith the aid of such loans were designed;
(3) Provide reasonable data requested by the division on the use andperformance of vehicles purchased with the aid of such loans;
(4) Allow for reasonable inspections by the division of vehiclespurchased and fueling stations constructed with the aid of such loans; and
(5) Make fueling stations constructed with the aid of such loansavailable for use at reasonable cost by the vehicle fleets of otherpolitical subdivisions and, with consideration of the capacity of suchfueling stations, by the general public.
(L. 1999 S.B. 310 § 13)