Sec. 05.05.01.25. Reservation and Commitment

Latest version.

A. Reservations. All projects competing in a funding round and approved by the Secretary pursuant to Regulation .24 of this chapter shall be issued a reservation letter by the Department. The reservation letter shall include basic proposed loan terms, a list of all additional information to be submitted for further review, and a processing schedule setting forth dates for the submission and review of all requested information and documentation.

B. Commitments.

(1) For projects competing in a funding round, upon satisfaction of all requirements in the reservation letter and the Secretarys determination, if any, or as otherwise required by the Program, the Program shall issue a commitment letter setting forth the terms and conditions of the loan.

(2) For projects not competing in a funding round, upon satisfaction of the requirements in the Secretarys determination, or as otherwise required by the Program, the Program shall issue a commitment letter setting forth the terms and conditions of the loan.

                    
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