W. Va. Code R. § 47-34-25

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 47-34-25 - Disbursement of Loan Moneys

25.1. Following the Secretary's approval of a loan and conditions to be included in the loan agreement, the Authority shall provide the person with the loan agreement setting forth the specific terms of the loan. The loan agreement, following execution by the person, constitutes a binding commitment for moneys from the Fund.

25.2. Moneys shall be disbursed from the Fund only upon a written authorization from the Authority. On a monthly basis, there shall be disbursed to each recipient the amount certified as costs incurred for the project. Said certification shall be made on an approved form. Moneys will be dispensed from the Fund upon presentation of an executed payment request form.

25.3. Each person receiving a loan shall comply with all terms and conditions of the loan agreement or notes or other debt instruments evidencing the loan.

25.4. Prior to commencement of construction, the Secretary and recipient shall hold a pre-construction conference to review the activities that shall take place during construction of the project.

25.5. Interim inspections of the project shall be conducted by the Secretary periodically during construction. A final inspection shall be conducted by the Secretary after construction has been substantially completed and before the final construction loan payment is disbursed.

25.6. The Secretary may use moneys from the Fund in accordance with provisions of section 22 of the Act. Before seeking a requisition from the Fund, the Secretary shall provide the information required in Section 20 of the Act to the Authority. Costs recovered from an owner by civil action shall be promptly deposited in the Fund.

W. Va. Code R. § 47-34-25