640.660. Loan repayment.

MISSOURI STATUTES AND CODES

Loan repayment.

640.660. 1. Each applicant to which a loan has been made undersections 640.651 to 640.686 shall repay such loan, with interest. The rateof interest shall be the rate required by the funding source. The number,amounts and timing of the payments shall be as determined by thedepartment.

2. Any applicant which receives a loan or financial assistancethrough the provisions of sections 640.651 to 640.686 shall annually budgetan amount which is at least sufficient to make the payments required underthis section.

3. A school or local government shall not raise the funds needed tomake the loan payment by the levy of additional taxes. The loan paymentsshall be derived from energy cost savings resulting from the project. Inthe event that energy cost savings resulting from the project fail to equalor exceed the amount of the payment, the school or local government and thedepartment may renegotiate the terms of the loan or financial assistance insuch a manner as to assure that the actual energy cost savings resultingfrom the project are applied to the loan or other financial assistance.

4. If a school district fails to remit a payment to the department inaccordance with this section within sixty days of the due date of suchpayment, the department shall notify the department of elementary andsecondary education to deduct such payment amount from the next regularapportionment of state funds to that district. That amount shall thenimmediately be deposited in the energy set-aside fund.

5. If a local government fails to remit a payment to the departmentin accordance with this section within sixty days of the due date of suchpayment, the department shall notify the director of the department ofrevenue to deduct such payment amount from the next regular apportionmentof local sales tax distributions to that jurisdiction. Such amount shallthen immediately be deposited in the energy set-aside fund.

6. All applicants having received loans pursuant to sections 640.651to 640.686 shall remit the payments required by subsection 1 of thissection to the department or such other entity as may be directed by thedepartment. The department or such other entity shall immediately depositsuch payments in the energy set-aside loan fund.