Kan. Admin. Regs. § 36-42-5 - Financial assistance agreement; requirements
Each financial assistance agreement entered into pursuant to the act shall meet the following requirements:
(a) The financial assistance shall not exceed
the total cost of the approved project.
(b) The term of any financial assistance
shall not exceed the shortest of the following periods:
(1) The economic life of the approved
project;
(2) the term of any bonds
issued to finance the approved project; and
(3) 30 years.
(c) If any debt service is required, the debt
service shall be guaranteed by the applicant in a manner consistent with the
applicant's approved application.
(d) The financial assistance agreement shall
contain the following sentences:
(1) "All work
performed and all materials furnished for the approved project shall be in
reasonably close conformity with the plans, specifications, and revisions,
which have been approved by the designer of the approved project."
(2) "Technical advice or assistance, or both,
provided by the secretary to an applicant pursuant to section six of the act,
and amendments thereto, shall not be construed as an undertaking by the
secretary of the duties of the applicant or the approved project's owner, or
both, or the duties of any consultant, licensed professional engineer, or
inspector hired by the applicant or the approved project's owner."
Notes
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