Ga. Comp. R. & Regs. R. 110-19-1-.06 - Awarding of Loan Funds
(1) The loan limit will be neither be more
than $250,000 per project nor less than $50,000 per project. At its discretion,
the Department may decide to loan an amount less than the amount requested in
the application. The loan limit may also, at the discretion of the Commissioner
of the Department, be raised to assist projects that exhibit exceptional needs
or public benefits.
(2) Once
selected for funding, applicants will be notified by the Department through a
Statement of Loan Award incorporating by reference standard general conditions
and any special conditions that the Department deems to be necessary or
appropriate and any loan agreement(s) and/or intergovernmental contract(s) that
may be used to implement the proposed project.
(3) The standard general conditions and
special conditions (if any) shall be incorporated into any loan agreement
and/or intergovernmental contract that may be executed and used to implement a
transaction between the Department and the applicant or the applicant and its
implementing agency or sub-recipient(s).
(4) The applicant must obtain the
Department's prior approval for any subordinate intergovernmental agreements,
loan agreements, leases, or any other instrument that may be used to implement
an activity financed in whole or part by funds authorized under this
regulation.
(5) Applicants will
have up to thirty (30) days from the date of the commitment letter to accept
the loan. If the applicant fails to accept the loan and all attached conditions
within the required period, the Department may unilaterally withdraw its
commitment.
Notes
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