Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 662 - PROCEDURES FOR ISSUING LOANS FROM THE PUBLIC WATER SUPPLY LOAN PROGRAM
Subpart C - LOAN APPLICATION PROCESS
Section 662.355 - Letter of Commitment
Universal Citation: 35 IL Admin Code ยง 662.355
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) The project is on
the Project Priority List;
2) The
project is not on the Intended Funding List;
3) the Agency has approved the loan
applicant's Project Plan pursuant to Sections
662.320 and
662.330;
and
4) the Agency has approved the
documents submitted pursuant to Section
662.350(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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