Current through September 24, 2024
All water pollution control projects funded by the WPCRLF
must comply with the following requirements. Non-point source pollution control
projects and estuary management projects must comply with these requirements to
the extent described in the loan application and loan agreement, as established
by the Department.
A. Facilities
Planning.
(1) Preplanning Guidance and
Conference. The Department will provide facilities planning guidance to the
potential applicant and/or its engineer. The potential loan applicant and/or
its engineer should attend a preplanning conference with the Department as
early in the planning process as practical. During the conference the staff
will provide information on the required facilities planning documents
necessary to comply with these regulations. All facilities plans must be
prepared by or under the responsible supervision of a professional engineer
registered under Mississippi law.
(2) Contents of the Facilities Plan. The
facilities plan must comply with the Department's guidance, including updates,
Appendices A, B and J of these regulations and any other requirements of the
Department pursuant to review of the facilities plan. The facilities plan must
generally contain the following, as determined appropriate by the Department:
(a) A description of the existing water
pollution control facilities, if any, owned by the applicant.
(b) A description of the existing and/or
future water pollution problem or threat to be addressed by the proposed
project.
(c) Documentation of
sufficient flow monitoring and/or estimation to quantify wastewater,
infiltration and inflow, applicable effluent limitations, and any other
technical data necessary to provide the basis for preliminary engineering
design of the project.
(d) A
description of the proposed facilities, costs, location, and how the proposed
facilities will address the existing and/or future water pollution problem or
threat identified in the plan.
(e)
A demonstration that minorities within the jurisdictional boundaries of the
loan applicant will not be systematically excluded from the benefits of the
proposed projects.
(f) A specific
indication that each applicable intergovernmental review agency has been
contacted regarding the proposed project, any adverse comments from the
applicable intergovernmental review agencies, and an indication of all
necessary permit applications and environmental survey clearances that will be
required for the project. Intergovernmental review agencies are as follows:
(1) Mississippi Department of Archives and
History (for archaeological/cultural resources review under the State
Antiquities Law)
(2) Mississippi
Department of Wildlife, Fisheries, and Parks-Natural Heritage Program (for
vegetative/wildlife review under the Nongame and Endangered Species
Conservation Act)
(3) U.S. Army
Corps of Engineers, Regulatory Functions Branch (for Section 404 {wetlands},
Section 10 {navigable waterways}, and floodplain impact review)
(4) Mississippi Department of Marine
Resources (Jackson, Harrison, and Hancock County Projects only; for Mississippi
Coastal Program and applicable Mississippi law review)
(5) U.S. Forest Service (projects located in
a federally designated Wild and Scenic River Basin only, for federal Wild and
Scenic Rivers Act compliance)
(g) For projects defined under Section 212 of
the Act, a comparative evaluation of the no-action alternative and the proposed
alternative, which accounts for beneficial and adverse consequences that each
alternative would have on existing and future environmental resources, as
required by Appendix B.
(h) A
financial capability summary using planning level cost estimates.
(i) For projects defined under Section 212 of
the Act, (1) proof of publication of the notice to the public of the proposed
project and for the opportunity to comment on alternatives and to examine
environmental review documents, including the facilities plan and any comments,
permits, or clearances from the intergovernmental review agencies, (2) a copy
of any comments received from the public, and (3) a description of how all
comments were addressed.
(j) For
projects defined under Section 212 of the Act and determined by the Department
to be controversial, (1) proof of publication of the public hearing notice
published in a local newspaper of general circulation providing at least a 30
day advance notice of a public hearing to be held by the loan applicant, (2) a
copy of the transcript of the public hearing and (3) a description of how all
comments were addressed.
(k)
Calculations showing the necessary user charges for the project using planning
level cost estimates.
(3) State Environmental Review Process. For
projects defined under Section 212 of the Act, prior to approval of the
facilities plan, the Department will complete the appropriate portions of the
state environmental review process described in Appendix B of these
regulations, based upon information provided in the facilities plan.
(4) Approval of Facilities Plan. The
Department will approve the facilities plan after completing any applicable
state environmental review process and after determining that all facilities
planning requirements appear to be met.
B. Application for WPCRLF Loan.
(1) Preapplication Guidance and Conference.
The Department will provide a loan application package to the potential loan
applicant and/or its engineer. The potential loan applicant and/or its engineer
may request a pre-application conference with the Department as early in the
application process as practical.
(2) Contents of an Application Package. Forms
provided by the Department must be used and may not be altered. The WPCRLF loan
application may include assistance only for costs that are allowable in
accordance with Appendix A of these regulations and may include a contingency,
as determined by the Department, in the project budget. The application package
must conform to these regulations, and must include the following:
(a) A WPCRLF loan application form with
original signature. Sources of all funds other than WPCRLF must be identified.
Prior to loan award, the Department must receive an assurance from all other
funding sources that other funds necessary to construct an operable project are
or will be available on a schedule compatible with that required in the loan
agreement.
(b) A proposed user
charge system and ordinance.
(c)
All proposed or executed contracts for construction phase engineering
services.
(d) All other proposed or
executed contracts (administration, legal, facilities planning, design, and any
other services), if WPCRLF participation is requested.
(e) An allowable cost certification for each
executed contract submitted for WPCRLF participation, wherein the loan
applicant and professional certify that all costs associated with professional
services are WPCRLF eligible and reasonable.
(f) A procurement certification, wherein the
loan applicant and counsel certify that the loan applicant will adhere to state
purchasing laws, as they apply to local governments.
(g) A revised financial capability summary
using the most recent cost estimates, if significantly greater than that shown
in the facilities plan.
(h) Copies
of issued permits or clearance letters from all required intergovernmental
review agencies.
(i) A legal
certification, wherein the loan applicant and legal counsel certify that the
loan applicant is an eligible applicant in accordance with Appendix M of these
regulations.
(j) A resolution by
the loan applicant's governing body which 1) authorizes the submission of the
application and 2) designates an authorized office or representative to make
application for assistance, to execute the loan agreement and any amendments
and to sign documents, on behalf of the applicant, required to undertake and
complete the project.
(k) A copy of
all existing or proposed interlocal agreements related to the project, if
applicable. Such agreements must be executed by all appropriate parties and
must be approved by the Department prior to loan offer.
(l) An executed Pre-Award Compliance Review
Report (EPA Form 4700-4),
(m) All
waste disposal permit applications.
(n) All other permits, forms, documents, and
supporting information that may be required by the Department.
C. Offer of a WPCRLF
Loan.
(1) Upon determination by the Department
that (a) all applicable requirements of the WPCRLF loan application have been
met, (b) the facilities plan has been approved, (c) the project is on the
current year priority list and (d) funds are available for the amount of the
WPCRLF loan application, the Executive Director will execute and transmit a
WPCRLF loan offer to the loan recipient. The loan agreement will include a
project schedule consistent with time frames established in these regulations;
however, the Department may vary these time frames and/or establish additional
ones.
(2) Upon receipt of the
WPCRLF loan offer, the loan recipient must execute and return it within the
time frame established in the WPCRLF loan offer. The loan offer becomes void if
not executed and returned within the time frame specified, unless extended by
the Executive Director.
D. Design.
(1) Predesign Guidance and Conference. The
Department will provide design guidance to the loan applicant/recipient and/or
its engineer, who may request a predesign conference with the
Department.
(2) Plans,
Specifications, Contract Documents, and Related Submittals.
(a) General Requirements. By the dates
specified in the loan agreement, the loan recipient must submit to the
Department complete plans, specifications, contract documents, and the
applicable related submittals listed below for each contract. The engineer must
prepare plans, specifications, and contract documents on all appropriate
elements of the project. These documents must conform to Department
requirements, to Appendices A, B, C, D, E, I, J and L of these regulations, and
to the requirements of Departmental design guidance.
(b) Contents In addition to the above, the
plans, specifications, and contract documents must minimally contain the
following:
(1) Provisions assuring compliance
with these regulations and all relevant federal and state laws.
(2) Forms by which the bid bond, performance
bond and payment bonds will be provided.
(3) Provisions for the recipient to retain a
certain percentage of the progress payments otherwise due to the contractor, in
accordance with state law.
(4)
Provisions requiring the contractor to obtain and maintain the appropriate
insurance coverage.
(5) Provisions
giving authorized representatives of the loan recipient access to all
construction activities, books, records, and documents of the contractor for
the purpose of observation, audit and copying during normal business and/or
working hours.
(6) Provisions for
compliance with any applicable Minority Business Enterprise/Women Business
Enterprise (MBE/WBE) requirements as described in Appendix D of these
regulations.
(7) Provisions for
change orders.
(8) Provisions for
liquidated damages.
(9) Those
conditions, specifications, and other provisions set forth or required by the
Department.
(c) Related
Submittals
(1) A copy of the issued NPDES
permit or the state operating permit, if required.
(2) A copy of the issued solid waste disposal
permit, if required.
(3) A copy of
the Permit Board's variance, when it is not possible to provide buffer zones,
if project includes wastewater or sludge treatment processes.
(4) For all loan ineligible real property
necessary for the project, limited site certificates from both the loan
recipient and the title counsel ich indicate that all such real property has
been secured by at least one of the following actions:
(i) Clear title or an easement or lease for
the expected life of the project.
(ii) Execution by both parties of a bona fide
option to purchase or lease for the expected life of the project.
(iii) Initiation of condemnation by filing
such action in court.
(5) For all loan eligible real property
necessary for the project, limited site certificates from both the loan
recipient and the title counsel which indicate that all such real property has
been secured by at least one of the following actions:
(i) Execution by both parties of a bona fide
option to purchase the property or an easement
(ii) Initiation of condemnation by filing
such action in court
Prior to execution of the option to purchase and/or filing
condemnation, the loan recipient must submit an appraisal and secure Department
approval of the purchase price.
(3) Approval of Plans,
Specifications and Contract Documents.
By the dates established in the loan agreement, the loan
recipient must secure approval of the plans, specifications and contract
documents for each contract by the Department. The Department will approve the
plans, specifications, and contract documents upon determining that these
documents appear to:
(a) Conform to
the requirements of these regulations,
(b) Be approvable pursuant to a technical
review, and
(c) Be consistent with
the approved facilities planning documents and environmental determinations
required by these regulations.
E. Construction Contracting and Loan
Amendment.
(1) For each construction contract,
within the time frame established in the loan agreement and prior to
advertisement for construction bids, the loan recipient must a) secure
necessary local funds and submit proof of such funds, b) submit any other
required permits or clearances, and c) submit clear site certificates from both
the loan recipient and the title counsel which indicate that all required real
property has been secured.
(2)
Within the time frames established in the loan agreement, the loan recipient
must advertise each construction contract for bids.
(3) Within 45 days after advertisement for
construction bids on each contract, the loan recipient must receive bids on
that construction contract.
(4)
Within 14 days after receipt of construction bids on each contract, the loan
recipient must submit the MBE/WBE and related documentation for that contract
as required by Appendix D of these regulations.
(5) Within 21 days after receipt of
construction bids on each contract, the loan recipient must submit the bid
package for that contract.
(6)
Within 21 days after receipt of construction bids on the last contract, the
loan recipient must submit all necessary executed professional services
contracts and amendments and a loan agreement amendment request (consistent
with as-bid construction costs, actual professional services contract amounts,
and a contingency as determined by the Department).
(7) After approval of the completed MBE/WBE
documentation and bid package for each construction contract other than the
last, the loan recipient may execute that contract.
(8) Upon receipt of the MBE/WBE documentation
and bid package for the last construction contract, all necessary executed
professional services contracts and amendments, and any loan agreement
amendment request, the Department will review these documents, determine
whether any request for an increased loan amount is justified and allowable,
and determine whether funds are available. After approval of the MBE/WBE
documentation and bid package for the last construction contract, the loan
recipient may execute that contract.
(9) Within 60 days after receipt of bids for
each construction contract, the loan recipient must execute the contract
documents, must submit a copy of the executed contract documents, and must
issue and submit a copy of the notice to proceed for that contract. The plans,
specifications, and executed contract documents must not vary from those
approved as loan eligible by the Department. The loan recipient may arrange and
hold a preconstruction conference and must allow attendance and participation
by the Department if such a conference is held.
(10) After approval of any loan agreement
amendment request, the Department will prepare and transmit an amended WPCRLF
loan offer to the loan recipient. Upon receipt of an amended WPCRLF loan offer,
the loan recipient must execute and return it to the Department within the
timeframe established in the offer letter. Any increased project costs in
excess of those approved based upon as-bid construction amounts and a
contingency (as established by the Department) must be paid from sources other
than WPCRLF loan funds.
F. Construction.
(1) Enacted User Charge System and Ordinance.
By the date established by the Department in the loan
agreement (based upon 90% of construction contract time) the loan recipient
must enact the approved user charge system and ordinance and submit proof of
enactment.
(2) Observation
During Construction.
The loan recipient must provide for adequate observation of
all parts of the project by the engineer or his staff and must require the
engineer's assurance that the work is being performed in a satisfactory manner
in accordance with the WPCRLF loan agreement and the approved plans,
specifications, contract documents and approved change orders.
The Department is authorized to observe the construction of
any project at any time for compliance with the terms of the loan agreement and
to determine if the loan recipient and engineer appear to be assuring that
plans, specifications and contract documents are being followed. Such
observation will not subject the Department to any legal action for claims,
damages or any other liability. Such observation will not release the
contractor from any obligation to perform the work in accordance with the
requirements of the contract documents, or the engineer from determining
compliance with the requirements of the contract documents, or the loan
recipient from insuring compliance with the contract and the terms of the loan
agreement.
The contractor, engineer, and the loan recipient must furnish
the Department with every reasonable opportunity and means for determining
whether the loan recipient and engineer are assuring that the work is in
accordance with the requirements of the approved plans, specifications and
contract documents. The Department is authorized to observe and require
submission by the loan recipient of daily logs, record drawings, file notes,
and any other documents prepared in relation to the WPCRLF funded
project.
(3) Construction
Deficiencies.
(a) In the event that it appears
to the Department that the loan recipient and engineer are not assuring that
the construction work, materials, equipment or supplies are in conformity with
approved plans and specifications, and contract documents, the Department may
determine these items are unallowable for WPCRLF loan participation, unless the
loan recipient takes action, through the engineer if applicable, in the manner
provided for in the construction contract to correct any such
deficiencies.
(b) The Department
may withhold WPCRLF loan payments for such time that it appears that the loan
recipient and engineer are not assuring that construction work, materials,
equipment or supplies are in accordance with the approved plans, specifications
and contract documents, and may require the loan recipient to repay any
previously paid amounts related to such items within 30 days of such
notification.
(4) Change
Orders.
(a) General
The loan recipient may, at its discretion, execute change
orders pertaining to the construction that are necessary under the
circumstances, as provided in the contract documents and when in accordance
with state law. Contract price, time, quantity, and specifications may only be
changed by change order. Change orders must not change, vary, or alter the
basic purpose or effect of the project. Change orders must be technically
adequate and conform to Department design guidance and regulations.
Eligible/ineligible costs must be appropriately separated.
(b) Change Order Submittals
After completion of the change order negotiation process
and/or claims resolution between the loan recipient and the contracting party,
an executed change order must be submitted to the Department for review and
approval, in order to obtain a WPCRLF loan eligibility/allowability
determination.
If any change order is submitted to the Department that is
not complete and executed by the loan recipient, the contracting party, and the
engineer if appropriate, the Department may return such change order without
review. However, unilateral change orders executed by the loan recipient, and
the engineer if appropriate, and identified as such, that are issued in
accordance with the contract documents may be submitted to the Department for
review and approval, in order to obtain a WPCRLF loan eligibility/allowability
determination.
The loan recipient may submit a complete change order which
has been executed conditional upon a WPCRLF loan eligibility/allowability
determination by the Department.
If possible, approval of a change order should be secured
from the Department before the work is started, particularly for change orders
including time extensions. Approval may also be secured after the work is
started; however, the loan recipient must bear the cost if the work is later
determined to be ineligible or unallowable.
When the eligible cost of a project will be significantly
reduced by a change order(s), the Department may issue an amendment to the loan
agreement decreasing the loan amount, and the loan recipient must execute the
amendment within the time frame established by the Department.
(c) Time Extensions
Justification for all contract time extensions need not be
submitted to the Department unless the total time extensions for the contract
exceed 25% of the original contract time.
(5) Contractor Bankruptcy or Default.
In the event of a contractor bankruptcy or default, any
proposed agreements with the bonding company (other than the bonding company
serving as general contractor or hiring another contractor acting as their
agent) must be submitted for a WPCRLF loan allowability determination by the
Department prior to execution. If the loan recipient determines that re-award
of the construction contract or a portion thereof is necessary due to
contractor bankruptcy or default, such proposed re-award contracts must be
submitted for a WPCRLF loan allowability determination by the Department prior
to execution. The loan recipient will be responsible for assuring that every
appropriate procedure and incidental legal requirement are observed in
advertising for bids or otherwise re-awarding a construction contract, if this
course of action is taken.
(6) Project Completion.
(a) Within 10 days after construction
completion of each construction contract, the loan recipient must notify the
Department of construction completion.
(b) Within 30 days after the current
construction contract completion date for each contract, all change orders
which include time extensions and/or the request and justification for delay
required in (c) below must be submitted to the Department for an allowability
determination.
(c) The Department
will perform a final construction observation within 30 days after the current
construction contract completion date of the last contract, unless further
delayed by the Department pursuant to review of the loan recipient's request
and justification for such delay. If, for any reason, the construction
completion is being unreasonably delayed, as determined by the Department, a
final construction observation may be immediately performed. The final
construction observation by the Department is only for the purpose of
determining loan allowable costs.
(d) Within 30 days after the Department's
final construction observation, the loan recipient must submit: final loan
payment requests, approvable summary change orders for all construction
contracts; record drawings for the entire project funded in whole or in part
with WPCRLF funds; the engineer's certification of compliance with plans,
specifications, and contract documents; final professional services contract
amendments, if any; and all other administrative forms and documents required
by the loan agreement. Loan payment requests submitted after this date are not
allowable, regardless of when the costs were incurred.
(e) Any other submittals or actions required
by the loan agreement must be performed when required and are subject to review
and approval by the Department.
G. Loan Closeout Phase.
(1) The Department or other designated
parties may perform an audit of the WPCRLF loan project for the purpose of
determining compliance with the WPCRLF loan agreement and to determine
allowable costs, payments made to date, and any additional payments due the
loan recipient or repayment due the Department. The Department will transmit to
the loan recipient a copy of the audit report, if performed.
(2) Upon submittal of the items required or
upon expiration of the deadline in Rule 7.3.F.(6)(d) of these regulations, the
Department will determine the final allowable costs. However, if at any time
the loan recipient fails to comply with any deadline or requirement of these
regulations or the loan agreement, the Department may immediately issue a final
determination of allowable costs.
(3) Upon determination of final allowable
costs by the Department, the Department will transmit to the loan recipient the
final determination of allowable costs and payments due the loan recipient or
repayments due the State, and a final loan agreement between the loan
recipient, the Department, and the State Tax Commission. The final
determination letter will establish a 30-day appeal deadline and will require
repayment of any overpayments with an interest penalty to begin accruing on the
appeal deadline. The interest penalty will be as established in Rule 7.3.H.(6)
of these regulations.
(4) Unless,
within 30 days after the date of the above final determination, the loan
recipient submits a written appeal of the final determination, including a
written justification of the reason for the appeal, and supporting
documentation for any disputed costs of the final determination, the final
determination of allowable costs will become the final allowable costs for
purposes of WPCRLF loan payments and the loan agreement, and the loan recipient
must execute and submit the final loan agreement within the timeframe
established by the Department.
(5)
Should an appeal be submitted in accordance with (4) above, the disputes
procedures established in Appendix F of these regulations will be followed in
order to resolve the dispute and establish the final allowable costs. Upon
resolution of a dispute of the final determination, the Department will
transmit to the loan recipient a revised final loan agreement. The loan
recipient must execute and submit to the Department the final loan agreement
within the deadline established by the Department.
(6) Upon receipt of an executed final loan
agreement from the loan recipient, the Department will transmit the final loan
agreement to the State Tax Commission for execution and return to the
Department.
(7) Upon receipt of the
executed final loan agreement from the State Tax Commission, the Department
will transmit a copy to the loan recipient, and repayment of the WPCRLF loan
will commence under the terms of the executed final loan agreement.
(8) If the project fails to perform properly
at any time within the first year after the final construction observation
performed by the Department, the loan recipient must immediately notify the
Department of the reasons for lack of performance, submit an approvable
schedule of corrective actions, and implement the corrective actions in
accordance with the approved schedule.
H. Payments to WPCRLF Loan Recipients.
Payments from the WPCRLF may be made under the following conditions:
(1) Payments may only be requested by and
made to loan recipients, in accordance with the WPCRLF loan agreement and the
loan recipient's executed and approved contracts for eligible and allowable
services and construction, for work performed within the project scope and
budget period.
(2) Payments may be
requested no more often than on a monthly basis, except as allowed by the
Department.
(3) The loan recipient
must deduct from all WPCRLF payment requests the amount of funds provided or to
be provided from all other state and federal agency funding sources for
allowable WPCRLF project costs.
(4)
Payment requests must be submitted by the loan recipient to the Department and
must include the following:
(a) WPCRLF
payment request form.
(b)
Cumulative invoices, in accordance with the contracts for such work, for all
costs for which payment is requested.
(c) Any other documents required by the loan
agreement.
(5) The
timing of WPCRLF payments to the loan recipient will be as follows, provided
the loan recipient is in compliance with the requirements of these regulations
and provisions of the WPCRLF loan agreement:
(a) Upon execution of the loan agreement,
facilities planning and application costs may be requested and paid. No further
payments may be requested and paid except as allowed below.
(b) Payments for eligible land may be
requested and paid immediately after loan agreement execution if the Department
has approved the purchase price and the loan recipient has submitted a bona
fide option to purchase or clear site certificates.
(c) For each independent construction
contract, upon completion of the requirements of Rule 7.3.D.(2) and (3) and
E.(1) of these regulations, design and land acquisition costs related to that
independent construction contract may be requested and paid.
Where any construction contract is dependent upon another to
function, the requirements of Rule 7.3.D.(2) and (3) and E.(1) of these
regulations must be met for all such construction contracts in order for the
related design and land acquisition costs for the dependent contract to be
requested and paid. No further payments may be requested and paid except as
allowed below.
(d) For each
independent construction contract, upon receipt by the Department of the
executed contract documents and the notice to proceed, professional services
costs related to that independent construction contract may be requested and
paid.
Where any construction contract is dependent upon another to
function, all such executed construction contract documents and notice(s) to
proceed must be submitted in order for the related professional services costs
for the dependent contract to be requested and paid.
(e) For each independent contract, upon
receipt of the executed construction contract documents and notice to proceed
for each construction contract, payments for allowable construction work may be
requested and paid based upon in-place work or materials and equipment
delivered to the construction location and as supported by invoices and
verified as accurate by the engineer and loan recipient, less any retainage.
For any construction contract that is dependent upon another
to function, upon receipt of all such executed construction contract documents
and notice(s) to proceed, payments for allowable construction work may be
requested and paid based upon in-place work or materials and equipment
delivered to the construction location and as supported by invoices and
verified as accurate by the engineer and loan recipient, less any
retainage.
(f) No more than
95% of all construction phase professional services will be paid prior to
completion of the requirements of Section III.F.(6) of these regulations, and
until the Department has determined the final allowable project costs. The
remaining amount may only be paid with the final payment.
(g) The final payment may be paid after the
Department has determined the final allowable costs. Additional amounts from
prior payments may be withheld by the Department until the final payment, if
the Department determines that the final payment amount would otherwise be
insufficient for loan closeout purposes.
(h) The Department may establish conditions
in the loan agreement that vary from the above, including delaying payments,
when determined prudent.
(6) Any payments made to the loan recipient
which are at any time determined by the Department to be for costs not in
accordance with the WPCRLF loan agreement, for ineligible or unallowable costs,
or for costs apparently related to waste, fraud, abuse or illegal acts under
state or federal law, must be repaid to the WPCRLF fund within 30 days of such
notification by the Department. Interest may be charged on such delinquent
repayments after expiration of the 30-day period at a rate of ten (10) percent
per annum, compounded monthly. Alternatively, the Department may withhold such
amounts including interest from subsequent payment requests.
I. WPCRLF Loan Repayment
Requirements. All WPCRLF loan repayments are subject to the following
requirements:
(1) Interest on amounts paid to
the loan recipient shall commence on the last construction contract completion
date as established in the initial loan agreement for the project, or one year
after the date in the initial loan agreement for issuance of the notice to
proceed for the earliest construction contract, whichever occurs
first.
(2) The amount of interest
accrued between the date established in (1) above and the initiation of the
repayment process will be added to the final allowable project costs to
determine the principal amount to be repaid by the loan recipient.
(3) Repayments shall commence when determined
by the Department, as established in the final loan agreement, and shall
continue for the period established in the final loan agreement, in accordance
with Rule 7.2 E.(1)(a) of these regulations. Repayments are to be made by
counties on a semi-annual basis through homestead exemption annual tax loss
reimbursement with holdings if adequate to provide such repayments, by
municipalities on a monthly basis through state sales tax with holdings if
adequate to provide such repayments and by all other loan recipients through
submission of monthly repayments, in accordance with state law.
(4) The repayment interest rate and the
frequency of interest compounding will be as established in the IUP under which
the project is funded.
J. Administrative Fee.
An administrative fee in the amount of five percent (5%) of
the final loan principal amount will be collected from the loan repayment
amounts to defray the costs of administering the WPCRLF program. Beginning with
the initiation of the repayment process and until such time that the total
administrative fee is collected, the interest portion of each repayment will
not be charged, and, in lieu of the interest portion, an equal amount of the
repayment will be collected as the administrative fee.
Miss. Code
§§
49-17-81
through
49-17-89,
49-2-1, et
seq. and 49-17-1, et seq.
