Rule 560-11-2-.12 - Payments by Commercial Lender(1) Upon approval of an application for a commercial loan by the State Revenue Commissioner, the amount of the loan agreed upon will be made available by the commercial lender to the County in periodic payments as follows: (a) Quarterly: On January 15, April 15, July 15, and October 15.(b) On the basis and in the amount of itemized monthly billings presented by the appraisal firm to the county and approved for payment by the Board of Tax Assessors and the governing authority of the county and by the State Revenue Commissioner. An appropriate form, showing the amount of such billings and the State Revenue Commissioner's approval, will be authority for the periodic advances by the commercial lender.(2) In no event will the cumulative total of the periodic advances by the commercial lender under the loan contract exceed the amount of the loan as approved by the State Revenue Commissioner.(3) The County shall withhold 10% of each quarterly progress payment pending satisfactory completion by the appraisal firms of all work and obligations under its contract with the County.Ga. Comp. R. & Regs. R. 560-11-2-.12
Ga. L. 1937-38, Extra Sess., pp. 77, et. seq., as amended; Ga. Code Ann., Secs. 92-8405, 8406, 8409, 8427.
Original Rule was filed on June 30, 1965.