Louisiana Administrative Code
Title 33 - ENVIRONMENTAL QUALITY
Part VI - Inactive and Abandoned Hazardous Waste and Hazardous Substances Site Remediation
Chapter 11 - Brownfields Cleanup Revolving Loan Fund Program
Section VI-1115 - Loan Agreements, Closing of Loans, and Disbursement of Loan Funds

Universal Citation: LA Admin Code VI-1115

Current through Register Vol. 50, No. 9, September 20, 2024

A. Upon selection of an applicant to receive a loan, the department will prepare and execute a loan agreement with the applicant. The loan agreement will provide for:

1. the loan term;

2. the repayment schedule;

3. the interest rate;

4. provisions in case of default;

5. a cost-share, if required;

6. timelines and budgets for completing various phases of the project of voluntary remediation;

7. provisions for disbursement of loan funds to the borrower;

8. any required security or collateral for the loan; and

9. other necessary provisions as determined by the department.

B. No loan funds shall be disbursed to the borrower until the loan agreement is executed and until such costs are incurred by the borrower.

C. Disbursement requests shall be of the form and type required by the department and shall be supplemented with copies of all invoices for each cost incurred. The borrower shall maintain complete documentation of all project costs for audit purposes. The borrower shall be responsible for maintaining financial control of the project by carefully reviewing all disbursement requests and supplemental documentation before submitting disbursement requests to the department. The borrower must certify each disbursement request before submittal.

D. Disbursement requests must be received by the date established by the department.

E. The borrower shall promptly remit each disbursement to the firm or individual to whom payment is due, and the borrower is solely responsible for paying those firms or individuals. The department may at its discretion make certain payments directly to such firms or individuals as provided in specific loan agreements.

F. Documentation of project costs paid for with revolving loan funds, as well as disbursement requests and invoices, must record and account for costs separately from any project costs paid or to be paid for from other funding sources.

AUTHORITY NOTE: Promulgated in accordance with R.S. 30:2001 et seq., and in particular R.S. 30:2551-2552.

Disclaimer: These regulations may not be the most recent version. Louisiana 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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