Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 365 - PROCEDURES FOR ISSUING LOANS FROM THE WATER POLLUTION CONTROL LOAN PROGRAM
Subpart C - LOAN APPLICATION PROCESS
Section 365.355 - Letter of Commitment
Universal Citation: 35 IL Admin Code ยง 365.355
Current through Register Vol. 48, No. 38, September 20, 2024
a) Anytime during the fiscal year, the Agency may issue a letter of commitment reserving funds for a project, provided funds are available, if the following conditions have been met:
1) project is on the
Project Priority List;
2) project
is not on the intended funding list;
3) the Agency has approved the loan
applicant's Project Plan pursuant to Sections
365.320 and
365.330;
and
4) the Agency has approved the
documents submitted pursuant to Section
365.350(a) through
(d), including the issuance of any necessary
construction permits.
b) The Agency may include conditions in the letters of commitment that must be met to prevent the release of the funds. The conditions may include, but are not limited to, a schedule for bidding the project and beginning construction.
c) Any funds reserved by a letter of commitment will be released at the end of the fiscal year or when conditions within a letter of commitment are not satisfied.
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