15A NCAC 01L .1004. DISBURSEMENT OF LOANS

(a)  Disbursement of loan monies shall be made at intervals as work progresses and expenses are incurred.  No disbursement shall be made until the receiving agency receives documentation of incurred costs.  At no time shall disbursement exceed the allowable costs which have been incurred at that time.

(b)  Project inspection shall confirm work progress, and a final inspection is required prior to the final disbursement of loan monies.

(c)  No disbursement shall be made until the receiving agency receives documentation of compliance with the verifiable percentage goal for participation by minority businesses in accordance with G.S. 143-128.

(d)  The receiving agency shall notify the Office of the Controller of the Department of Environment and Natural Resources to make loan disbursements.  A check in the amount of the disbursement authorized by the receiving agency shall be written to the recipient by the Office of the Controller.

 

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.