4.10. SR 09-08-2020 - Laserfiche WebLink

Home Browse Search

grants and loans received by the BORROWER, including loans made through the AgBMP LOAN PROGRAM, must not exceed the total cost of the project. M. The LENDER may make assumable loans to eligible BORROWERS for approved projects. However, the LENDER shall not allow the sale, lease or transfer of any part of projects for which they have made a loan if such sale, lease or transfer would: 1. Violate the conditions or requirements of the originating source of the funds from the DEPARTMENT, or 2. Otherwise violate any terms or conditions of this agreement. VI. DISBURSEMENTS OF FUNDS A. The DEPARTMENT shall prescribe forms to be used for project approval, certification of completion and requesting disbursement of funds. These forms may request information to identify, locate, categorize, determine eligibility, assess benefits of projects, designate the intended source of funding, other anticipated state and federal financial assistance, the length of the loan, frequency of repayment, the anticipated date of first payment by the BORROWER, the total cost of the project and other pertinent information related to the eligibility, location, benefits, or financing of the project. The LENDER shall provide the requested information to the best of its knowledge. All information provided by the LENDER shall be considered public. B. The DEPARTMENT shall disburse the funds to the LENDER based on the following conditions: C. The LENDER shall s ubmit d is bursements requests to the DEPARTMENT. The disbursement request consists of: The completed prescribed forms, and; 2. Documentation supporting that the costs have been incurred, such as bills, invoices; purchase agreements for equipment; or other documentation approved by the DEPARTMENT. 3. A representative of the LOCAL GOVERNMENT UNITwith the authority to approve projects must signthe disbursement requestform, certifying that the project was approved and eligible under the AgBMP LOAN PROGRAM. D. The LENDER may submit requests for disbursements whenever: 1. The total disbursements requested exceed $5,000, or; 2. Upon completion of a project. 3. The project does not have to be completed at the time of the disbursement request, although the cost must have been incurred. E. The DEPARTMENT shall review disbursement requests and notify the LENDER and the LOCAL GOVERNMENT UNIT of any discrepancies. The DEPARTMENT may withhold disbursement of funds until all discrepancies have been corrected. The DEPARTMENT shall deny disbursement requests for ineligible projects. F. Each request by the LENDER for disbursement shall constitute a certification by the LENDER to the effect that all representations and covenants made in this agreement remain true as of the date of the request and that no material adverse developments affecting the financial condition of the LENDER or its ability to repay the funds have occurred since the date of this agreement, unless specifically disclosed in writing by the LENDER in the request for disbursement. G. The DEPARTMENT may, at anytime, review and audit the LENDER'S disbursement requests made under this agreement. The DEPARTMENT may make adjustments for errors and discrepancies discovered in audits or other reviews of requests for disbursement including, but not limited to, adjustments for mathematical errors, items not in fact provided or constructed, services not in fact provided, loans to ineligible projects, or construction which does not meet acceptable standards. VII. SECURITY FOR THE FUNDING PROVIDED BY DEPARTMENT SPECIAL ASSESSMENT A. The DEPARTMENTS commitment to disburse funds under this Agreement is specifically conditioned on the DEPARTMENTfirst receiving from the LOCAL LENDER evidence that: Minnesota AgBMP Loan Program