(a) lend the equivalent value of such deposit to an eligible borrower at the linked loan interest rate; and

(b) permit the deposit to be comprised of a series of certificates of deposit each bearing an interest rate equal to the linked deposit interest rate fixed at the time the original linked deposit is placed. Each linked deposit shall be continuously and fully secured by direct obligations of the state or the United States of America or by obligations the principal and interest on which are guaranteed by the state or the United States of America. This article and related statutes that refer to this article do not grant savings banks, savings and loan associations, farm credit system institutions, federal savings banks, or federal savings and loan associations eligibility to accept public funds or public moneys from public entities for investment purposes. A linked deposit is intended to enable a lender to make a linked loan to an eligible borrower and such deposit earns a yield lower than posted rates in order to accomplish the goals of this article. 6. "Linked deposit interest rate" means a fixed rate of interest which is below the market rate. 7. "Linked loan" means a loan for purposes of an eligible project, in an amount equal to a linked deposit and bearing interest at the linked loan interest rate. 8. "Linked loan interest rate" means a fixed rate below the fixed interest rate the lender would have charged for the loan in the absence of a linked deposit based on its usual credit considerations. 9. "Program" means the water pollution control linked deposit program. 10. "Recipient" means any person which is: (a) an individual or small business which is eligible to undertake an eligible project related to residential and small business on-site wastewater treatment systems; or (b) an entity receiving or eligible to receive an agricultural assessment pursuant to article twenty-five-AA of the agriculture and markets law which is eligible to undertake an eligible project; or (c) any two or more of the foregoing which are acting jointly in connection with an eligible project. 11. "Residential and small business on-site wastewater treatment system" means a system serving a residence or small business that provides for the treatment and/or disposition of the combination of human and sanitary waste with water not exceeding one thousand gallons per day. 12. "Small business" means any business which is resident in this state, independently owned and operated, not dominant in its field, and employing not more than one hundred individuals.