060-30 Wyo. Code R. §§ 30-9 - Post Award Due Diligence

(a) Applicants awarded loans under this Chapter must be diligent in moving projects quickly from engineering and design to bid to contract to construction. Time is of the essence. Successful loan applicants must demonstrate their post award due diligence in monthly reports to the Director, received no later than the first (1^st) day of each month following the month of loan award to the point until such time as the project is under contract or commences construction. At a minimum these reports shall detail the steps a successful loan applicant has undertaken to move its project to contract or construction.

(b) In addition to the reporting requirements set forth is subsection (a) applicants will also submit reports as required by the Office and USEPA until their loan is closed.

(c) The Board reserves the right to cancel any previously awarded loans and/or principal forgiveness for lack of post award due diligence prior to January 1, 2010. Previously awarded loans and/or principal forgiveness under this Chapter are automatically relinquished on January 1, 2010 for projects not under contract or construction. Relinquishment of funding under this subsection is necessary to provide the Board time to award relinquished funding before the federal government deobligates Wyoming's capitalization grants on February 17, 2010. Such federal action would also preclude the State from sharing in a in a nationwide pool of deobligated funds.

Notes

060-30 Wyo. Code R. §§ 30-9