(a) Award.-- (1) Upon being notified that a loan has been approved under 64 Pa.C.S. § 1558(d) (relating to Water Supply and Wastewater Infrastructure Program) for an applicant, the department shall enter into a contract with the applicant. The contract shall be for the amount approved and shall specify the terms of the loan in accordance with all of the following: (i) A loan shall be at an interest rate not to exceed 2%. (ii) A loan shall be for a term not to exceed 20 years. (2) Upon entering into a contract with the applicant, the department shall award the loan for the amount specified in the contract. (b) Administration.-- Loans made under this section shall be administered by the department. Loan payments received by the department for a loan awarded under this section shall be deposited in the General Fund.
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