Section 414.356

Title XXVI TRADE AND COMMERCE

Chapter 414

Effective - 28 Aug 1999, 2 histories, see footnote   (history) 

  414.356.  Loans, maximum amount — interest rate and repayment terms. — 1.  Using the fund created in section 414.359, the division shall provide loans of:

  (1)  A maximum of two thousand dollars for the incremental cost of purchasing a new vehicle capable of operating on an alternative fuel;

  (2)  A maximum of two thousand dollars for the conversion of a new or existing vehicle designed to operate on gasoline to enable such vehicle to operate on an alternative fuel; and

  (3)  A maximum of one hundred thousand dollars for the construction of a fueling station capable of dispensing an alternative fuel.

  2.  No political subdivision shall receive in aggregate more than one hundred thousand dollars in loans for the purchase or conversion of alternative fuel vehicles in any one year.

  3.  No political subdivision shall receive in aggregate more than one hundred thousand dollars in loans for the construction of fueling stations in any one year.

  4.  The division shall establish the interest rate and terms of repayment for each loan agreement established pursuant to sections 414.350 to 414.359.  In establishing the repayment schedule, the division shall consider the projected savings to the political subdivision resulting from use of an alternative fuel, but such repayment schedule shall be for a maximum repayment period of four years and shall include provisions for payments to be made on a monthly basis.

  5.  Any political subdivision that receives a loan pursuant to sections 414.350 to 414.359 shall:

  (1)  Remit payments on the repayment schedule established by the division;

  (2)  Agree to use the alternative fuel for which vehicles purchased with the aid of such loans were designed;

  (3)  Provide reasonable data requested by the division on the use and performance of vehicles purchased with the aid of such loans;

  (4)  Allow for reasonable inspections by the division of vehicles purchased and fueling stations constructed with the aid of such loans; and

  (5)  Make fueling stations constructed with the aid of such loans available for use at reasonable cost by the vehicle fleets of other political subdivisions and, with consideration of the capacity of such fueling stations, by the general public.

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(L. 1999 S.B. 310 § 13)