WAC 173-98-450   Loan reserve requirements.  For a revenue obligation secured loan with terms more than five years, the recipient must accumulate a reserve account equivalent to the annual debt service on the loan. This reserve must be established before or during the first five years of the loan repayment period. The reserve account may be used to make the last two payments on the revolving fund loan.



[Statutory Authority: Chapter 90.50A RCW, RCW 90.48.035, and 43.21A.080. 11-20-036 (Order 10-14), § 173-98-450, filed 9/27/11, effective 10/28/11. Statutory Authority: RCW 90.48.035. 07-14-096 (Order 05-16), § 173-98-450, filed 6/29/07, effective 7/30/07.]