Okla. Admin. Code § 785:50-11-6

Current through Vol. 42, No. 7, December 16, 2024

Section 785:50-11-6 - Return of funds to the Board

(a) Financial assistance funds made available to an applicant by the Board shall be utilized and expended by the applicant solely and exclusively for the payment of authorized and allowable costs and expenses of the project for which assistance was approved.

(b) In the event funds furnished to an applicant by the Board are not utilized and expended by the applicant for the specific project for which such funds were furnished within a reasonable period of time after disbursement to the applicant, or in the event Board determines, at any time, that funds furnished were utilized and expended for any unauthorized or unallowable purpose, the applicant shall return or otherwise pay to the Board any and all such unused funds or any amounts of funds used and expended for unauthorized or unallowable purposes plus interest at the maximum rate allowable by law on the unused or unauthorized amount.

Amended at 12 Ok Reg 2715, eff 7-1-95; Amended at 18 Ok Reg 2247, eff 7-1-01