Section 449.2 - Program Funding(a) The matching funds requirement for grants described in Section 12929.41(b) of the Act may be met by monetary contribution, in-kind service such as materials, labor, or staff time, or land easements.(b) The Department may request that the applicant seek federal funds or participation by federal agencies.(c) Loan applicants must demonstrate that they possess the ability to repay the loan by providing the following information:(1) financial statements;(2) statements of existing cash reserves and existing debts, long term and short term;(3) a statement describing the applicant's legal authority to enter into a loan contract with the state;(4) a description of the repayment method;(5) an explanation of how the applicant proposes to secure the loan if required to do so by the State;(6) a description of funding sources for all other elements of the proposed project if the total project costs exceed the loan;(7) disclosure of any other debt currently pending issuance or approval; and(8) any other information necessary to evaluate the applicant's ability to repay the loan.(d) The maximum loan term shall be no longer than the useful life of the project.(e) Applicants may apply for funds that may be appropriated in the future.(f) Applications that are not approved for funding may be reconsidered in the next funding cycle.(g) No funds shall be disbursed until the applicant has obtained all applicable permits and complied with all applicable federal, state, and local laws, rules and regulations, and until the applicant and the Department execute a contract setting forth the terms and conditions of such grants or loans.Cal. Code Regs. Tit. 23, § 449.2
1. New section filed 6-2-93; operative 7-2-93 (Register 93, No. 23). Note: Authority cited: Section 12929.44, Water Code. Reference: Sections 12929.41, 12929.42, 12929.43 and 12949.45, Water Code.
1. New section filed 6-2-93; operative 7-2-93 (Register 93, No. 23).