15A NCAC 01N .0701. DETERMINATION OF AWARDS AND BYPASS PROCEDURES

(a)  All funds appropriated for a fiscal year and all other funds accruing from loan principal repayments, interest payments, interest earned on funds, excess funds not awarded in the previous priority review period, and any other source shall be available for loans during the priority review period.

(b)  The funds available in a priority review period shall be awarded in the form of a binding commitment in descending order of priority rating upon EPA approval of that IUP considering Rule .0201 of this Subchapter to those eligible projects that are ready to proceed.  A project is defined as ready to proceed when the following conditions have been met:

(1)           Project plans and specifications are approved by the Division;

(2)           Any environmental review required is complete;

(3)           One hundred percent funding necessary for the project is committed; and

(4)           Authorization To Construct is issued by the Division.

(c)  Except as provided in Paragraph (d) of this Rule, the maximum principal amount of loan commitment from any fiscal year's allocation made to an applicant shall be three million dollars ($3,000,000) for a construction project or twenty-five thousand dollars ($25,000) for project planning purposes.

(d)  Any funds remaining after the initial allocation of Paragraphs (b) and (c) of this Rule shall be awarded in descending order of priority rating to those eligible projects in any approved IUP subject to the limitation of Paragraph (c) of this Rule for each 'pass' through the remaining available funding.

 

History Note;        Authority G.S. 159G-36;

Temporary Adoption Eff. January 31, 1998;

Eff. April 1, 1999;

Amended Eff. February 1, 2008; August 1, 2004.