801 CMR, § 56.11

Current through Register 1538, January 3, 2025

Section 56.11 - Final Approval

If the criteria and requirements for a project proposal as set forth in 801 CMR 56.00 are satisfied, and provided that the loan and the issuance and terms of the related bonds are satisfactory, the A&F Secretary may approve the project proposal and the Agency shall issue the bonds subject to the availability of a committed bond purchaser. Approval may be subject to any conditions which are consistent with St.1968, c. 614, §10, as amended by St. 2011, c. 9, §21, including but not limited to a requirement that the borrower:

(a) provide financial statements or other information relevant to the financial condition of the borrower and the borrower's compliance with the terms of the loan; and

(b) reimburse the Commonwealth for any amounts the Commonwealth transfers to the capital reserve fund under 801 CMR 56.13 to replenish the capital reserve fund as a result of a loan payment default by the borrower.

The A&F Secretary shall send a copy of the final approval and an executed copy of the intercept agreement to the Treasurer's Office and to the Comptroller.

801 CMR, § 56.11

Adopted by Mass Register Issue 1263, eff. 6/20/2014.