Section 8827-G - Reporting obligations(a) Initial report.--Each rural growth fund shall submit a report to the department on or before the fifth business day after the second anniversary of the closing date. The report shall provide documentation as to the rural growth fund's rural growth investments and include the following information: (1) A bank statement evidencing each rural growth investment.(2) The name, location and industry of each business receiving a rural growth investment, including either the determination letter issued by the department under Section 1824-g(e) or other evidence that the business qualified as a rural business at the time the investment was made.(3) [Repealed by 2019 Amendment.](4) Any other information required by the department.(5) A copy of the commitment letter or summary of the terms and conditions of the rural growth investment offered to and accepted by the rural business.(b) Annual report.--No later than March 1 of each year following the closing date the rural growth fund shall submit an annual report to the department that includes the following information:(1) The number of jobs created and retained by each rural business. The number of jobs created and retained shall be calculated as follows: (i) The number of jobs created by a rural business is calculated each year by subtracting the number of full-time equivalent employee positions in this Commonwealth at the time of the initial rural growth investment in the rural business from the monthly average of those employment positions for that year. If the number calculated is less than zero, the number shall be reported as zero. The monthly average of full-time equivalent employee positions for a year is calculated by adding together the number of full-time equivalent employee positions existing on the last day of each month of the year and dividing by 12.(ii) The number of jobs retained by a rural business is calculated each year based on the monthly average of full-time equivalent employee positions for that year. The monthly average of full-time equivalent employee positions for a year is calculated by adding together the number of full-time equivalent employee positions existing on the last day of each month of the year and dividing by 12. The reported number of jobs retained for a year may not exceed the number reported on the annual report under this subsection. The rural growth fund shall reduce the number of jobs retained for a year if employment at the rural business drops below the number reported on the annual report.(1.1) If not provided under subsection (a)(2), the name and location of each business receiving a rural growth investment, including either the determination letter issued by the department under Section 1824-g(e) or other evidence that the business qualified as a rural business at the time the investment was made.(2) The average hourly wage of the jobs reported in paragraph (1).(3) Any other information required by the department.(c) Report of rural business.-- (1) No later than March 1 of each year following the year in which the report required under subsection (a) is due, a rural business that receives a rural growth investment shall submit the following information on a form required by the department: (I) The number of jobs existing at the rural business prior to the rural growth investment.(II) The number of new jobs created as a result of the rural growth investment.(III) The number of jobs retained as a result of the rural growth investment.(2) Failure by the rural business to submit the report may result in the reduction of investment authority or credit eligible contribution authority of the rural growth fund.Amended by P.L. TBD 2019 No. 13, § 19, eff. 7/1/2019.Added by P.L. TBD 2016 No. 84, § 38.1, eff. 7/13/2016.