Ala. Admin. Code r. 335-15-7-.13

Current through Register Vol. 43, No. 1, October 31, 2024

Section 335-15-7-.13 - Effect Of Loan Award

(1) At the time of execution of the Fund loan agreement by the Authority and the recipient, the loan shall become effective and shall constitute an obligation of the Fund in the amount and for the purposes stated in the Fund loan agreement.

(2) The award of the Fund loan shall not commit or obligate the Authority to award any continuation Fund loan to cover cost overruns of the project. Cost overruns for any project or portion thereof shall be the sole responsibility of the recipient.

(3) The award of a Fund loan by the Authority shall not be used as a defense by the loan applicant to any action by any agency for the loan applicant's failure to obtain all required permits, licenses and operating certificates for its respective project.

Authors: Aubrey H. White, Lawrence A. Norris

Ala. Admin. Code r. 335-15-7-.13

New Rule: Filed October 21, 2004; effective November 25, 2004.

Statutory Authority:Code of Ala. 1975, §§ 22-30F-2, 22-30F-4.