Ill. Admin. Code tit. 92 § 5.140

Current through Register Vol. 48, No. 49, December 6, 2024

Section 5.140 - Ineligible Expenditures

Loan funds shall not be used for:

a) refinancing or payment of existing long-term debt exceeding 12 months;

b) payment of non-current or delinquent taxes;

c) payments, advances, loans, dividends or bonuses to stockholders, officers, directors, partners, or member owners of limited liability companies;

d) the purchase or lease of non-construction motor vehicles or equipment (Section 2705-610(f) of the Law);

e) payment of expenses incurred on projects that are not within the scope of the loan or this Part; or

f) security or collateral for another or different loan or debt.

Ill. Admin. Code tit. 92, § 5.140