California Code of Regulations
Title 14 - Natural Resources
Division 7 - Department of Resources Recycling and Recovery
Chapter 5 - Enforcement of Solid Waste Standards and Administration of Solid Waste Facility Permits; Loan Guarantees
Article 6 - Criteria, Priority and Administration of the Loan Guarantee Program Provided Pursuant to the Waste Disposal Site Hazard Reduction Act of 1987
Section 18410 - Report of Fund Condition
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Guaranteed loans shall be subject to audit by the Board at any time, as the Board deems warranted. These loans shall be subject to audit by the Board from the time the guarantee is issued until three years after the guarantee has expired.
(b) If, in the course of an audit, all accounting records of the loan expenditures are not available. the borrower will produce these records within sixty (60) days. If no ledgers exist, the borrower shall provide the Board with copies of source documents such as invoices, canceled checks, time sheets and payroll registers. It is the responsibility of the borrower to maintain proper accounting records.
(c) Lenders shall verify in writing the condition of loans upon request by the Board. The verification shall consist of the terms of the loan, the repayment schedule, monthly payments, and any other information needed to monitor the financial condition of loans guaranteed.
1. New section filed 4-2-90; operative 5-2-90 (Register 90, No. 14).
2. Change without regulatory effect amending section filed 5-17-91 pursuant to section 100, title 1, California Code of Regulations (Register 91, No. 27).
Note: Authority cited: Sections 46201 and 40502, Public Resources Code. Reference: Section 46205, Public Resources Code.
