Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 663 - PROCEDURES FOR ISSUING LOANS FROM THE PUBLIC WATER SUPPLY LOAN PROGRAM TO PROVIDE FUNDING FOR LEAD SERVICE LINE REPLACEMENT
Subpart C - LOAN APPLICATION PROCESS
Section 663.355 - Letter of Commitment
Universal Citation: 35 IL Admin Code ยง 663.355
Current through Register Vol. 48, No. 12, March 22, 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
663.320 and
663.330; and
4) the Agency has approved the documents
submitted pursuant to Section
663.350(a) through
(d).
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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