Delaware Code Title 7 Sec. 7422 – Small Retail Gasoline Station Assistance Loan Fund; source of funds, …
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(a) Loan proceeds and the State‘s expenses in administering this program shall be drawn from a special account of the Transportation Trust Fund known as the “Small Retail Gasoline Station Assistance Loan Fund,” hereinafter referred to as the “Small Station Fund.”
Terms Used In Delaware Code Title 7 Sec. 7422
- Department: means the Department of Natural Resources and Environmental Control. See Delaware Code Title 7 Sec. 7402
- Fund: means the Delaware Underground Petroleum Storage Tank Response Fund. See Delaware Code Title 7 Sec. 7402
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- State: means the State of Delaware. See Delaware Code Title 7 Sec. 7402
(b) Loans made from the Small Station Fund shall require interest payments at a simple interest rate which is 2% above the Federal Reserve discount rate in effect at the time the loan application is filed with the Department.
(c) The Small Station Fund account shall be capitalized in an amount not to exceed $12 million over the life of the program out of funds of the Transportation Trust Fund as authorized by Chapter 14 of Title 2.