The owner of any residential real property within Pierce County's Sewer Service Area and located in a residential subdivision required by PCC 18J.15.160 or by other Code provision, permit, or agreement to install dry sewer line facilities in conjunction with said subdivision and are required to connect said property to the public sewer system at the time sewer service is available adjacent to the property may submit an application to the Department for a loan to assist in financing the actual costs to an owner to connect the residential building to the public sewer system and to pay for the costs of abandonment of the septic system for the property as documented by a licensed sewer contractor. Pursuant to RCW 35.67.360, other legal authority, and Pierce County Ordinances, the Department is authorized to provide loans of up to 90 percent of the eligible costs of the sewer lateral construction 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. Any such loans are made to improve the public sanitary sewer system and in consideration of the interest and security provided by the borrower.