Rule 6-1-1.6 - Establishment of Process for Disbursement of Funds, Reimbursements and Loan Closings Based upon the terms and conditions established by MDA, MDA will prepare all security and loan documents, including but not limited to, the Loan Agreement and Promissory Note, (collectively "Loan Documents"). Prior to disbursement of any funds, all Loan Documents must be fully executed. The Borrower will also be responsible for paying for all costs associated with the closing of the loan, including document preparation, title searches and filing fees.
A.Grant Closings. MDA will provide all documents needed to close the grant upon full approval and presentation of all required informationB. Reimbursement Process. The MDA will release loan and grant funds on a reimbursement or services rendered basis for approved eligible costs of the project as incurred. The At-Risk Industry shall certify to MDA that the expenses were incurred and were in accordance with the project as approved by MDA. Funds will be released periodically upon receipt of supporting documentation from the Borrower based upon a schedule established by MDA.Miss. Code Ann. § 57-9-1 (Rev. 2008)