Sec. 05.09.01.09. Loan Procedures

A. Loan Closing. Upon meeting all of the conditions stipulated for approval and the prerequisites to loan disbursement or settlement, the Administration's counsel shall prepare the required legal documents for closing prescribed by the Administration. The documents shall be forwarded to the local government. When all procedures and requirements are completed, and the bonds, notes, or other obligations of the Administration funding the loan have been issued, a closing shall be arranged by counsel to the Administration.

B. Disbursement. The Administration shall disburse the proceeds of the loan upon receipt of a requisition from the local government and approved by the Administration. Each requisition shall include an itemization of the costs for which the local government requests payment, which shall be costs eligible under these regulations as determined by the Administration.