A reserve fund shall be established for grant and loan amendments to meet cost increases. Loans: Shall bear 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; May not exceed $500,000 as an aggregate principal amount to a single applicant in any calendar year, unless the Board of Public Works determines that extraordinary circumstances exist. Loan agreements shall include specification of the purpose, amount, manner of repayment, the obligation of the applicant to construct, install and operate the project in a manner which ensures compliance with all contract documents and the discharge permit, maintain the project for its expected life span, and any other condition required by the Board of Public Works. Authorization of payments of State funds may be made by the Department of the Environment only in accordance with policy and procedures of the Board of Public Works.