Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 662 - PROCEDURES FOR ISSUING LOANS FROM THE PUBLIC WATER SUPPLY LOAN PROGRAM
Subpart D - LOAN ISSUANCE, AUDITING AND RECORDKEEPING
Section 662.460 - Loan Closing and Issuance of Final Loan Amendment
Universal Citation: 35 IL Admin Code ยง 662.460
Current through Register Vol. 48, No. 38, September 20, 2024
a) The Agency shall conduct a project review to ensure that all applicable loan conditions have been satisfied. After the final loan disbursement has been made and the project is complete, the loan recipient shall initiate the loan closing process by submitting the following to the Agency:
1) A release discharging the
State of Illinois, its officers, agents, and employees from all liabilities,
obligations, and claims arising out of the project work or under the loan,
subject only to exceptions specified in the release.
2) A final waiver from the contractor and a
Certification of Payment that all bills have been paid.
3) The Certificate Regarding O & M, on
forms prescribed by the Agency that certifies the following:
A) Training pertaining to the proper
operation and maintenance of the equipment and process units included in the
project has been provided;
B) An
operation and maintenance reference library is available and includes, but is
not limited to, the following:
i)
Manufacturer's literature, shop drawings, and warranties;
ii) The plans of record with valve indices
for the equipment and process units included in the project; and
C) That the loan applicant employs
or contracts the services of a certified operator pursuant to the Public Water
Supply Operations Act [ 415 ILCS 45 ].
4) If the loan project includes insurable
structures that will be located within a designated floodplain area as defined
in the National Flood Insurance Act of 1968 (
42 USC
4001 through
4127
), written evidence that the loan recipient is participating in the National
Flood Insurance Program or that construction areas have received official
exclusion from the flood insurance requirements by the Federal Emergency
Management Agency.
A) The loan recipient (or
the construction contractor, as appropriate) shall acquire any flood insurance
made available to it under the National Flood Insurance Act of 1968, as
amended, and maintain the insurance for the entire useful life of the insurable
structures.
B) The amount of
insurance required shall be the lesser of the total project cost, excluding
facilities that are uninsurable under the National Flood Insurance Program, or
the maximum limit of coverage made available to the loan recipient under the
National Flood Insurance Act of 1968.
C) The required insurance premium for the
period of construction under this subsection (a)(4) shall be for an eligible
project cost under Section
662.430 (Loan
Eligible Costs).
5)
Within 30 days after completion of project construction, the loan recipient
shall submit, in writing to the Agency, the final change order, along with the
contractor's final costs, and the plans of record. After receipt, the Agency
may schedule a final onsite inspection provided that all necessary change
orders have been submitted and approved.
b) After the loan recipient has submitted all the loan closing documents in subsection (a), the Agency shall:
1) review and determine the final total and
eligible costs;
2) establish a
final amortization schedule; and
3)
issue the loan recipient a final loan amendment.
c) After final loan closing, Agency personnel or any authorized Agency representative shall have access to the project records as defined in Section 662.470 and to the project site during normal business hours, to the full extent of the loan recipient's right to access.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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