The owner of any residential real property experiencing a side sewer failure within Pierce County's Sewer Service Area may submit an application to the Department for a residential side sewer conservation loan to assist in financing the repair of the side sewer. The Department is authorized to provide loans of up to 90 percent of the eligible costs of the side sewer repair not to exceed a maximum loan amount of $10,000. Such loans shall have a maximum loan term of 10 years and an interest rate equivalent to the True Interest Cost of any current Pierce County sewer bonds, and shall be repaid in monthly installments. Any such loan shall be secured by a lien against the title of the property and shall be subject to the Department's terms and conditions including, but not limited to, the payment of a non-refundable application fee, filing fees for the recording and release of the lien, and penalties for delinquent payments. The total value of all loans granted by the Department in any year shall not exceed the appropriation amount for the loan program set forth in the Pierce County Budget for that year.