Current through Register Vol. 54, No. 25, June 22, 2024
Section 113.109 - Loan advancesLoan advances will be made as follows for construction or modernization loans:
(1) At the time of settlement, 30% of the total loan will be paid to the volunteer company.(2) When the facility construction or improvements are 50% complete and substantiated on a signed requisition and certificate form provided by the OSFC, an additional 50% of the loan balance will be issued to the volunteer company.(3) When the facility construction or improvements are 100%, the volunteer company shall document the facility's completion on a signed requisition and certificate form provided by the OSFC. Within 30 days of the receipt of the form, an OSFC representative either conducts a final inspection of the facility or the OSFC may accept a copy of the official Department of Labor and Industry inspection letter or a copy of the official certificate of occupancy if applicable, or documentation of completion from a local authority or contractor. After the necessary documentation is received and the final inspection is made or the certificate of occupancy is received, the OSFC will release the remaining balance of the loan to the volunteer company.The provisions of this § 113.109 adopted December 23, 1982, effective 12/25/1982, 12 Pa.B. 4333; amended December 18, 1992, effective 12/19/1992, 22 Pa.B. 6019.