B. The applicant, if the applicant is not a unit of local government, demonstrates financial need for the assistance; and

C. If the assistance includes a loan, there is a reasonable likelihood that the applicant will be able to repay the loan.

Applicants demonstrating the requirement to install equipment related to the improvement of air quality pursuant to section 1026-F 1026-A, subsection 1, paragraph A, subparagraph (1), division (b) and who own fewer than 15 service stations, and who are not able to repay a loan, are eligible to receive no more than $35,000 per service station in grants for the payment of expenses relating to the installation of this equipment.

The authority, pursuant to Title 5, chapter 375, subchapter II 2, shall adopt rules for determining eligibility, feasibility, terms, conditions and security for the loans and grants. In the case of loans, the authority may charge an interest rate that may be as low as 0% and may be greater, depending on the financial ability of the applicant to pay as determined by the authority, up to a maximum of the prime rate of interest charged by major New York banks. The maximum the authority may loan or grant to any one borrower, including related entities as determined by the authority, is $600,000. Loans or grants for the purposes listed in paragraph A, subparagraph (3) may not exceed $1,000,000 in a 12-month period. Grants may not be made for the purpose listed in paragraph A, subparagraph (4). Money in the fund not needed currently to meet the obligations of the authority as provided in this section may be invested as permitted by law.

Sec. 21. 10 MRSA §1023-D, sub-§5, as enacted by PL 1987, c. 521, §4, is amended to read:

5. Revolving fund. The fund shall be is a nonlapsing, revolving fund. All money in the fund shall must be continuously applied by the authority to carry out this section and section 1026-F 1026-A, subsection 1, paragraph A, subparagraph (1), division (b).

Sec. 22. 10 MRSA §1023-E, as enacted by PL 1987, c. 846, §5, is repealed.

Sec. 23. 10 MRSA §1023-F, as repealed and replaced by PL 1989, c. 878, Pt. A, §25, is repealed.