Ala. Admin. Code r. 335-15-7-.14

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

Section 335-15-7-.14 - Loan Conditions

(1) The following requirements, in addition to such statutes, rules, terms and conditions which may be applicable to particular loans, are applicable to disbursement under a Fund loan agreement:

(a) The recipient shall certify that it is maintaining its financial records in accordance with generally accepted accounting principles and auditing standards for governmental institutions;

(b) The recipient shall comply with all requirements of applicable permits issued by the Department;

(c) The recipient shall comply with all applicable requirements of Federal, State and local laws;

(d) The recipient shall pay any unallowable project costs;

(e) The Fund loan agreement or any amendment thereto may include special conditions necessary to assure accomplishment of the project objectives or Department requirements;

(f) Implementation of the project, including letting of contracts in connection therewith, shall conform to applicable requirements of Federal, State, and local laws, ordinances, rules and regulations and contract specifications and requirements;

(g) No Fund loan monies shall be disbursed to a public body currently in default on any Fund loan. Nothing in this paragraph shall in any way limit any right or duty of the Authority to demand and collect at any time the total due under any such defaulted loan;

(h) The Authority may assess penalties to late loan repayments as appropriate and as specified in the Fund loan agreements;

(i) The recipient shall certify that the project, or phase of the project, will be initiated and completed in accordance with the time schedule specified in the Fund loan agreement;

(j) The recipient must submit proof that it, and its contractors and subcontractors, will comply with all insurance requirements of the Fund loan agreement and that it shall be able to certify that the insurance is in full force and effect and that the premiums have been paid.

(k) The Department may impose such other conditions as may be necessary and appropriate to effectuate the purpose and intent of the Act and to implement the CERCLA and other applicable laws of the State.

(2) The recipient shall certify that it is in compliance with all other requirements and conditions of the Fund loan agreement.

Authors: Aubrey H. White, Lawrence A. Norris

Ala. Admin. Code r. 335-15-7-.14

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

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