Amendments to Chapter 62-503, F.A.C., are proposed to clarify administrative procedures and to restructure the priority list process and the methodology for calculating the financing rate. Changes will be made to the priority system to promote Department objectives and to limit funding to projects that will provide the most environmental benefit for years in which funding is limited. The financing rate formula will cap the financing rate subsidy at four percent, but will also incentivize green projects and the implementation of asset management plans. Additionally, a reduction in the financing rate will be provided for loans that are required to incorporate the Davis-Bacon wage rates. Further, new types of loans are also being added to adapt the program to actual planning, design, and construction processes.