Rule 560-11-2-.13 - Computation of 10% Limit(1) Where, because sufficient funds are unavailable from State sources to meet the cost of a qualified property valuation and equalization program submitted by a county, both a State financial assistance loan and a commercial loan are approved by the State Revenue Commissioner to finance such program, the State grant of ten percent (10%) provided for under Section 560-11-2-.10 above shall be computed on the amount of the commercial loan approved which added to the State financial assistance loan approved shall not exceed one hundred thousand dollars ($100,000), the maximum limit of a State financial assistance loan.(2) Examples: If the cost of a qualified program is $175,000, and a State financial assistance loan is approved for $50,000 and a commercial loan for $125,000, then the State grant would be in the amount of $5,000. If a State financial Assistance loan is approved for $100,000 and a commercial loan for $75,000, then no State grant would be made under the ten percent (10%) provision.Ga. Comp. R. & Regs. R. 560-11-2-.13
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.