15A NCAC 01L .1003. CRITERIA FOR LOAN ADJUSTMENTS

Upon receipt of bids, a loan commitment for water supply projects may be adjusted as follows:

(1)           The loan commitment may be decreased by the receiving agency provided the project cost as bid is less than the estimated project cost.

(2)           Loan commitments may be increased by the receiving agency by a maximum of ten percent provided: the project cost as bid is greater than the estimated project cost; the project as bid is in accordance with the project for which the loan commitment was made; the receiving agency has reviewed the bids and determined that substantial cost savings would not be available through project revisions without jeopardizing the integrity of the project; and adequate funds are available.

(3)           Increases greater than 10 percent of the loan commitment meeting the above criteria shall be approved jointly by the receiving agency and the Local Government Commission.

 

History Note:        Filed as a Temporary Rule Eff. March 8, 1994, for a period of 180 days or until the permanent rule becomes effective, whichever is sooner;

Authority S.L. 1998, c. 132, s. 10;

Eff. July 1, 1994;

Temporary Amendment Eff. March 31, 1999;

Amended Eff. August 1, 2000.