; terms and interest rates (1) Disbursement (A) In general Loans under the Program shall be disbursed quarterly, in accordance with subparagraph (B), until the earlier of— (i) the date on which the full loan disbursement has been made; or (ii) June 30, 2022. (B) Limitation on quarterly disbursements A recipient of a loan under the Program may not receive a disbursement with respect to a particular quarter that is more than the decrease in— (i) the recipient’s own-source revenue collections over the previous fiscal quarter, from (ii) the recipient’s own-source revenue collections for the same fiscal quarter in 2019. (2) Interest rate The Secretary shall set interest rates on loans under the Program based on the credit strength of the recipient, using the same calculation used by the Municipal Lending Facility of the Board of Governors of the Federal Reserve System. (3) Repayment With respect to a loan made under the Program that is not forgiven, the recipient shall be required to repay the loan in quarterly payments beginning on June 30, 2022. (g) Loan forgiveness (1) In general The Secretary shall forgive a loan made to a recipient under the Program if the recipient is— (A) a local government other than a county— (i) with a population of less than 250,000; or (ii) with a population of 250,000 or more that has sound pension funds; (B) a county— (i) with a population of less than 500,000; or (ii) with a population of 500,000 or more that has sound pension funds; or (C) a State that, as of June 30, 2022— (i) has sound pension funds; (ii) has a truly balanced budget; (iii) has rainy-day fund protections