Section Env-Dw 1405.03 - Original Loan Agreements (OLAs) for Governmental Entities(a) Following acceptance of an application from a governmental entity and upon determining that funds are available, the department shall prepare an original loan agreement (OLA) that contains the following provisions: (2) The interest rate for the loan;(3) The length of the repayment term;(4) A description of the construction project or costs of O&M, as applicable;(5) Authorization for representatives of the department to examine any of the loan recipient's records that pertain to transactions relating to the loan agreement, construction contracts, engineering contracts, or other consulting contracts for the purpose of inspection, audit, and copying during normal business hours;(6) For construction projects, a requirement for the recipient to develop and adhere to an asset maintenance and renewal plan for the funded improvements; and(7) Any other provision(s) required by state or federal law in order for the agreement to be valid.(b) The department shall transmit the OLA to the recipient for review. If the recipient agrees with the terms, the recipient shall sign and date the OLA and return the signed OLA to the department.(c) Upon receipt of a signed OLA, the department shall sign the OLA and submit the OLA to the G&C for approval.(d) If approved by the G&C, then:(1) The OLA shall be effective upon approval by the G & C; and(2) The department shall send a copy of the approved OLA to the recipient.N.H. Code Admin. R. Env-Dw 1405.03
Derived from Volume XLI Number 6, Filed February 11, 2021, Proposed by #13164, Effective 1/26/2021, Expires 1/26/2031.