Ill. Admin. Code tit. 41 § 293.50

Current through Register Vol. 48, No. 45, November 8, 2024

Section 293.50 - Application Procedure and Content

a) Subject to the availability of funds, OSFM will post application forms for low-interest loans under this program on the OSFM website. Each application form provided shall identify the information applicants must include in their loan requests and shall require that the loan application be returned to OSFM no later than the late date specified in the application form. Applications shall be returned to the Office of the Illinois State Fire Marshal, Attention: Fire Sprinkler Dormitory Revolving Loan Program, 1035 Stevenson Drive, Springfield , Illinois 62703-4259. Applications will be reviewed as provided in this Part and subject to the funding criteria and credit review process outlined in 74 Ill. Adm. Code 1100.1017.

b) Each loan application shall include the following components:

1) A completed application form supplied by OSFM and signed by the duly authorized administrators of the post-secondary educational institution.

2) Information on the dormitory or dormitories or residence hall or halls for which the loan is being sought and whether the funding is for a new fire sprinkler system or for repairs, alterations, modification or upgrades to an existing fire sprinkler system. The estimated costs associated with planning, purchasing, installing, upgrading, altering, modifying, fixing or repairing a fire sprinkler system must also be included.

3) Contact information for personnel able to provide additional information if necessary.

4) Policies and procedures related to the expenditures (if any), as established by the institution.

5) Budget information, including copies of the three most recent audits (and/or income and expense reports) for the institution, as well as information on the source of loan repayment funds. If repayment plans are based on charitable contributions (i.e., alumni fundraisers), the applicant must provide a history of amounts raised in prior years.

6) Other certifications and assurances OSFM and/or the Authority may require. Such requirements will be explicitly requested in the loan application.

7) All other information as requested on the loan application form and in the program guidance section of the application.

c) Applications received by OSFM shall be logged in as received and assigned an application number.

d) Applications shall be assessed by blind review, meaning the Committee shall not see the name, address or any specific information that identifies the institution. The Committee shall review and rank the applications based on information provided in the loan application and based upon system needs, financial need and how recently the applicant has received a previous loan under this program.

e) After the Committee's review and ranking of applications subject to the criteria in Section 293.60, loan dollar amounts will be assigned to the loan applications up to the maximum amount of funding available either for loans under this program or to the individual applicant in the then-current fiscal year. Approval of an application by the Committee shall not constitute any form of commitment or guarantee that the proposed loan will be made.

f) Those loan applications recommended for approval shall be forwarded to the Authority for review under its guidelines of funding criteria and creditworthiness. The Authority, after completion of its review, will promptly notify the Committee as to which loan applications it will approve.

Ill. Admin. Code tit. 41, § 293.50