Rule 110-25-1-.10 - Awarding of Funds(1) Once selected for funding, awarded funds will be made available by the Department through an award contract incorporating by reference the approved final application and adding general conditions plus special conditions as necessary. Such special conditions shall include the terms and conditions of the loan to the sub-recipient business.(2) Because of the limited amount of funds available, the Department may also award an amount less than the amount requested in the application. Applicants will have thirty (30) days from the date of award to accept any special conditions and/or the reduced award amount. If the applicant fails to accept the special conditions or lower award amount within the required period, the Department may unilaterally withdraw the award.(3) The Department will prepare loan documents in consultation with the recipient's and company's attorneys.(4) As part of the award conditions, the recipient must provide progress reports on the impact and performance of the project as required by the Department.Ga. Comp. R. & Regs. R. 110-25-1-.10
O.C.G.A. Sec. 50-8-8.
Original Rule entitled "Awarding of Funds" adopted. F. Dec. 16, 2005; eff. Jan. 5, 2006. Grant Chapter 110-25-1 originally submitted on December 16, 2005, as rules. Error discovered and corrected in Nov. 2007. Original grant description entitled "Awarding of Funds" submitted December 16, 2005.