Section R309-700-8 - Planning Loan(1) A Planning Loan is made to a political subdivision with the intent to provide interim financial assistance for project planning until the long-term project financing can be secured. The Planning Loan must be repaid to the Board unless the payment obligation is waived by the Board.(2) The applicant must demonstrate that all funds necessary to complete project planning will be available before commencing the planning effort. The Planning Loan will be deposited with these other funds into a supervised escrow account when the loan agreement between the applicant and the Board is executed or the Board may choose to provide the funds in incremental disbursements as the applicant incurs expenses on the project.(3) The recipient of a Planning Loan must first receive written approval from the Division Director for any cost increases or changes to the scope of work.(4) Copies of all prepared documents required by the planning loan shall be submitted to the Division.Utah Admin. Code R309-700-8
Amended by Utah State Bulletin Number 2023-11, effective 5/22/2023