La. Admin. Code tit. 13 § III-1511

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-1511 - Loan Funding

A. All funding applications must be considered by the board after review by the assigned staff and upon recommendation of the relevant cluster director and the secretary. Thereafter, the LEDC board upon such review as may be necessary to make the determination as to the application in accordance with these rules shall either approve or disapprove the application. Upon approval by the LEDC board:

1. the loan shall be funded pursuant to the loan agreement;

2. the credit provided shall be drawn down in accordance with the schedule provided as approved by the cluster director, secretary and LEDC and incorporated into the loan agreement;

3. the loan agreement shall include appropriate enforceable provisions for the monitoring of the contract;

4. the loan agreement shall include such conventional provisions as may be appropriate to protect and secure the loan funding provided by the LEDC board pursuant to these rules;

5. the cluster director making the recommendation for the loan funding shall be designated by the LEDC as the contract monitor for the loan agreement, and the contract monitor shall, on a semi-annual basis, report to the LEDC board on the status and progress of the project.

La. Admin. Code tit. 13, § III-1511

Promulgated by the Department of Economic Development, Office of Business Development, Louisiana Economic Development Corporation, LR 29:2638 (December 2003).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2312(B) and (D)(1) and R.S. 51:2341(B).