Iowa Admin. Code r. 761-923.5

Current through Register Vol. 47, No. 5, September 4, 2024

Rule 761-923.5 - Procedure

(1)Funding request. The public transit system shall submit a funding application for the proposed project to either the department or to the Federal Transit Administration, as required by the type of funding requested.

(2)Loan request. The public transit system shall normally submit a request for a revolving fund loan to the department when the annual grant application is made, but may submit a request at any time if a specific need arises. The request shall include, but not be limited to, the following topics and documents:

a. A description and cost estimate of the proposed project.

b. An explanation of the benefits, including projected energy conservation benefits, to be gained from the project.

c. An explanation and justification of need for the loan.

d. A proposed schedule of when funds will be needed for the project.

e. A proposed loan repayment plan with schedule and source of funds.

(3)Criteria for selection. The department shall review each loan request and shall evaluate the projects for funding. Based on the following criteria (in no particular order), preference shall be given to projects that:

a. Foster coordination among transit services, such as a ground transportation center, a joint maintenance facility, or cooperative vehicle usage.

b. Enhance local or regional economic development, such as a transit mall, passenger shelter facilities, or vehicles for extension of services.

c. Increase federal funding to the state, such as accelerating purchase of replacement vehicles.

d. Extend services to the transportation disadvantaged.

e. Promote energy conservation, such as fuel efficiency.

f. Require the loan as only a portion of the local matching funds required.

(4)Approval. Based on available funds, the department shall approve loans for projects meeting the criteria in rule 761-923.4 (71GA,ch265).

(5)Agreement. Upon approval, the department shall prepare a loan contract and send it to the public transit system for execution.

(6)Default. If a public transit system fails to make a loan payment as agreed in the contract, the department may, at its option, deduct the amount of any past due loan payment from state transit assistance payments allocated to that transit system.

Iowa Admin. Code r. 761-923.5

Amended by IAB March 14, 2018/Volume XL, Number 19, effective 4/18/2018