Okla. Admin. Code § 252:633-3-16

Current through Vol. 41, No. 19, June 17, 2024

Section 252:633-3-16 - Loan closing

(a)Documentation to be submitted before loan closing. The applicant will submit to the DEQ the following bid and contract documents:

(1) Bidding documents, including all addenda, approved in accordance with OAC 252:633-3-20;

(2) A tabulation of all bids received and an explanation for any rejected bids or otherwise disqualified bidders;

(3) An executed construction contract contingent upon DEQ approval containing the appropriately executed bonds, insurance certificates, assurances, and other documents required by this Chapter;

(4) Other engineering data and information, as requested by DEQ staff;

(5) A certification that all required acquisitions, leases, easements, rights-of-way, relocations, (both voluntary and involuntary) have been obtained for the project to be built;

(6) Documentation that the applicant has obtained required permits and other financing, if any, to construct the project;

(7) Information requested by the OWRB regarding loan closing documents;

(8) When there are bid protests, a certification from the applicant that all bid protests have been resolved;

(9) A detailed project budget which limits the contingency to 5% of contracted amounts; and

(10) Copies of all legal, financial, engineering, and inspection contracts that will be paid from the loan proceeds.

(b)Evidence of indebtedness. The financial assistance loans shall be provided by the OWRB for approved water projects pursuant to such notes, bonds, revenue bonds or other appropriate form of evidence of indebtedness from the applicant as the OWRB may require.

(c)Security for a water project loan.

(1) As security for the assistance loan provided by the OWRB to an approved applicant, the applicant must provide if required by the OWRB, a mortgage on any or all facilities of the water project for which application is made.

(2) The OWRB shall require a pledge and lien on revenues to be derived from the operation of the water project.

(3) If the specific water project is not a revenue producing unit, then a pledge of a lien on other revenue sources or systems which may be pledged by the applicant to satisfy the loan security requirements necessary to obtain assistance from the OWRB.

(4) The OWRB may require additional security that the OWRB deems necessary. Additional security may include such pledges, liens, revenues and/or mortgages on additional facilities or systems.

(d)Conditions for disbursement of funds. At or following the loan closing, the following conditions and requirements must be met before funds are released:

(1) Applicant, the OWRB, and all other necessary parties shall have executed all necessary and incidental instruments and documents for loan closing, including all mortgages, notes, financing statements and pledges of project security and revenues.

(2) Recipient must send disbursement requests based on costs incurred to the DEQ for review and appropriate action.

Okla. Admin. Code § 252:633-3-16

Added at 14 Ok Reg 1139, eff 3-18-97 (emergency); Added at 14 Ok Reg 1690, eff 6-2-97; Amended at 15 Ok Reg 1957, eff 6-1-98; Amended at 25 Ok Reg 1140, eff 7-1-08