Ala. Admin. Code r. 335-15-7-.17

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

Section 335-15-7-.17 - Formal Loan Amendments

(1) The Authority may require a formal Fund loan amendment to change principal provisions of a Fund loan where project changes substantially alter the cost or time of performance of the project or any major phase thereof, or substantially alter the objective or scope of the project.

(2) The Authority and recipient may effect a formal Fund loan amendment only by a written amendment to the Fund loan agreement executed by the Authority and the recipient.

Authors: Aubrey H. White, Lawrence A. Norris

Ala. Admin. Code r. 335-15-7-.17

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

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