4.10. SR 09-08-2020 - Laserfiche WebLink

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B. The DEPARTMENT shall make disbursements to the LENDER equal to the amount of loans made by the LENDER to BORROWERS on behalf of the DEPARTMENT that comply with the requirements of Section V of this agreement. C. Any interest earned on outstanding loan balances from BORROWERS shall become the property of the LENDER and must not be deposited into the principal account. D. The DEPARTMENTS commitment to provide funds under the AgBMP LOAN PROGRAM is subject to the availability of funds. E. The LENDER shall repay all funds provided to the LENDER by the DEPARTMENT in accordance with Section VIII of this agreement. V. TERMS OF LOANS TO BORROWERS A. The LENDER may make loans under the AgBMP LOAN PROGRAM only to projects and expenses approved by a LOCAL GOVERNMENT UNIT. B. The LENDER may make loans to BORROWERS through the AgBMP LOAN PROGRAM, provided that: 1. The amount of the loan to an individual BORROWERdoes not exceed the maximum authorized under MN Statutes 17.117; 2. The total amount of all loans made from the AgBMP LOAN PROGRAM for a single project does not exceeds the maximum authorized under MN Statutes 17.117, regardless of the number of BORROWERS participating in the single project, and; 3. The cumulative outstanding balance of all loans that the BORROWER has received through the AgBMP LOAN PROGRAM, including the proposed project loan, does not exceed the maximum authorized under MN Statutes 17.117 at anytime. C. The LENDER shall not make loans for expenses to implement projects that have not been approved by the LOCAL GOVERNMENT UNIT. D. The LENDER shall use the criteria listed in this agreement, Minn. Stat. § 17.117, rules and guidelines of the funding sources used to finance the loan, and other criteria and requirements that it deems necessaryto determine whether and under what terms it will make a loan for an approved project. E. The LENDER may charge BORROWERS interest at a rate up to 3 percent per annum, plus fees, provided that: 1. The fees are in compliance with normal and customary practices of the LENDER; 2. The fees are in accordance with published fee schedules issued by the LENDER; 3. The fees are not based on participation in the AgBMP LOAN PROGRAM; and 4. The fees are consistent with fees charged for similar types of loans that are offered by the LENDER. 5. The interest and fees for LOCAL LENDERS issuing loans under ordinances authorized by Minn. Stat. § 115.57 shall be limited to the provisions of the applicable Minn. Stat. § 115.57 ordinance. F. Loans made by the LENDER to BORROWERS shall not exceed the maximum maturity term authorized under Minn. Stat. § 17.117. G. The LENDER shall insure that loans made under the AgBMP LOAN PROGRAM are used for payment of, or reimbursement for, the eligible incurred costs of the projects as approved by the LOCAL GOVERNMENT UNIT. H. The LEND ER may require collateral or security for the loan to the BORROWER. I. The LENDER shall withhold disbursements to BORROWERS in accordance with the LOCAL GOVERNMENT UNITs instructions when so instructed. J. The LENDER shall require BORROWERS to begin repayment of loans received through the AgBMP LOAN PROGRAM within one year of the date that the loan was made by the LENDER. K. The principal portion of each repaymentfrom a BORROWER shall be identified as transactions under the account established for this program. L. The LENDER shall coordinate loans made underthe AgBMP LOAN PROGRAM with the LOCAL GOVERNMENT UNIT and with other state and federal financial assistance provided for the same project. The LENDER may make interim construction loans through the AgBMP LOAN PROGRAM for the full cost of the project within the limits of this agreement until other state and federal financial assistance is received. However, the LENDER shall require BORROWERS to immediately repay AgBMP Program loans for expenses for which they have received other state or federal reimbursement or loans. The combined total of all state and federal Minnesota AgBMP Loan Program 4