General Requirements. Loans or grants obtained under Environment Article, §9-275(a)(2), Annotated Code of Maryland, shall be: Subject to the approval of the Department and the Board of Public Works; Made in accordance with policy and procedures of the Board of Public Works; Serviced, monitored, and collected (loans) by the Service; Issued for loans, at least, at the same rate of interest as the most recent State general obligation bond; and Awarded for up to 50 percent of the eligible costs of the project. The recipient shall execute an agreement with the Service to include all of the following: Specification of: The purpose of the loan or grant, The amount of the loan or grant, The term of the loan, The interest rate for the loan, and Any other conditions required by the Board of Public Works; and The obligation of the award recipient to: Construct, install, and operate the tire management project in a manner which ensures compliance with all applicable federal, State, and local laws and regulations, Maintain the project for its expected useful life, and Bind a successor in interest. Requirements Specific to Loans. A loan awarded under this regulation shall be: Repaid into the Fund; Repaid within 30 years; Executed with the manner of repayment described; and Executed on loans over $2,500 with a granting to the State of a security interest specified by the Department in equipment, structures, or properties. Award Criteria. The Department shall apply the following criteria to its evaluation of all applications for financial assistance, as appropriate: Cost effectiveness of a proposed project; Environmental or public health impacts caused by existing circumstances; Problem prevention aspects of a proposed project; Previous efforts expended to correct any existing problem; Financial capacity of the applicant to operate the project; Contribution of the proposed project toward meeting State and local solid waste plans and goals; Provisions for monitoring and review of the project, and future financial performance; Measures to assure accountability for all funds awarded under Environment Article, §9-275(a)(2), Annotated Code of Maryland; Applicant's level of readiness in terms of organization, management, prior studies, and financing of a share of project cost; and Contribution of the project toward the prevention or clean-up of scrap tire stockpiles in Maryland.