The Department of the Environment may only approve a loan to industrial users for projects that provide pretreatment of pollutants that are discharged directly or indirectly into publicly owned treatment works if: The Secretary of Housing and Community Development determines that there is a reasonable assurance of repayment of the loan; The Secretary of Housing and Community Development determines that the applicant for a loan is unable to obtain, on reasonable term sufficient credit to finance the applicant's actual needs without the loan; The Department of the Environment determines that the project meets applicable technical standards and that cost estimates are reasonable and represent eligible cost; When the applicant does not own the property where the pretreatment project will be constructed, the landowner consents to the terms and conditions of the agreement; The Secretary of the Department of the Environment determines that the project will cost-effectively reduce the discharge of pollutants and improve water quality; and The loan: Bears at least the same rate of interest as the most recent State general obligation bond sale preceding the date of approval by the Board of Public Works; Shall be repaid within 30 years; and Does not exceed, as an aggregate principal amount to a single applicant in a calendar year, $500,000, unless the Board of Public Works determines that extraordinary circumstances exist.