N.M. Admin. Code § 20.7.6.17

Current through Register Vol. 35, No. 17, September 10, 2024

Section 20.7.6.17 - INTERIM PAYMENTS

A. For satisfactory performance of all work and services required to be performed under the terms of the interim loan agreement, NMED shall reimburse the borrower its actual costs incurred. The borrower may submit requests for reimbursement as often as every month. NMED shall disburse funds to the borrower when NMED determines, in its sole discretion, that expenditures have been properly documented as provided for in general requirements for allowable and unallowable costs, accounting procedures, and record keeping. Copies of all pay request vouchers shall be submitted to NMED with request for payment. Copies of all requests shall be submitted on the appropriate form furnished by NMED and shall be accompanied by appropriate documentation to assure that those costs are correct and within the approved scope of work and attached budget form. Requests shall include expenditures to date by category.

B. NMED and the borrower will comply with the Retainage Act (Section 57-28-2 et. seq. NMSA 1978) if money is to be withheld during construction. The project will not be considered complete until the work as defined in the interim loan agreement has been fully performed and finally and unconditionally accepted by the borrower and NMED.

C. Interim payments will be made as the work progresses. Said payments will be based upon requests for payment prepared and certified by the borrower or the borrower's engineer to include value of work performed, materials on hand, and materials in place in accordance with the contract. Interim payments for engineering, inspection, legal services, or other approved services shall be made in accordance with the approved contracts or agreements.

D. Any portion of funds allocated to the project which remain unexpended after completion of the project shall revert to the wastewater facility construction loan fund.

E. The borrower shall furnish NMED with an estimated disbursement schedule at the beginning of the project.

N.M. Admin. Code § 20.7.6.17

10-22-88; 11-30-95; 20.7.6.17 NMAC - Rn, 20 NMAC 7.6.400 & A, 7/16/2000; A, 10/29/2007, Adopted by New Mexico Register, Volume XXVI, Issue 22, November 30, 2015, eff. 12/30/2015