Ala. Admin. Code r. 335-15-7-.12

Current through Register Vol. 43, No. 1, October 31, 2024

Section 335-15-7-.12 - Fund Loan Agreement

The Authority shall prepare and transmit the Fund loan agreement to the loan applicant.

(a) The loan applicant shall execute the Fund loan agreement and return it within 30 calendar days of receipt. The Authority may, at its discretion, extend the time for execution. The Fund loan agreement shall be signed by a person authorized by resolution to obligate the loan applicant to the terms and conditions of the Fund loan agreement being executed. The authorizing resolution shall accompany the executed Fund loan agreement.

(b) The Fund loan agreement shall set forth the terms and conditions of the Fund loan, approved project scope, budget, approved project costs, and the approved commencement and completion dates for the project and major phases thereof.

(c) The Fund loan agreement shall be deemed to incorporate all requirements, provisions, and information in documents or papers submitted to the Department in the application process.

(d) The Fund loan agreement shall not be executed by the Authority if the loan applicant is in current default on any State or Federal loan.

(e) Upon completion of the internal processing of the Fund loan agreement, a copy of the executed Fund loan agreement shall be transmitted to the recipient.

(f) The Authority shall establish remedies for default in the loan agreement.

Authors: Aubrey H. White, Lawrence A. Norris

Ala. Admin. Code r. 335-15-7-.12

New Rule: Filed October 21, 2004; effective November 25, 2004.

Statutory Authority:Code of Ala. 1975, §§ 22-30F-2, 22-30F-4.