24 CFR 1000.424 - What are the application requirements for guarantee assistance under title VI of NAHASDA?
The application for a guarantee must include the following:
(a) An identification of each of the activities to be carried out with the guaranteed funds and a description of how each activity qualifies:
(b) A schedule for the repayment of the notes or other obligations to be guaranteed that identifies the sources of repayment, together with a statement identifying the entity that will act as the borrower.
(c) A copy of the executed loan documents, if applicable, including, but not limited to, any contract or agreement between the borrower and the lender.
(1) The borrower possesses the legal authority to pledge and that it will, if approved, make the pledge of grants required by section 602(a)(2) of NAHASDA.
(2) It possesses the legal authority to borrow or issue obligations and to use the guaranteed funds in accordance with the requirements of this subpart.
(3) Its governing body has duly adopted or passed as an official act a resolution, motion, or similar official action that:
(i) Identifies the official representative of the borrower, and directs and authorizes that person to provide such additional information as may be required; and
(ii) Authorizes such official representative to issue the obligation or to execute the loan or other documents, as applicable.
(5) The borrower will comply with the requirements described in subpart A of this part and other applicable laws.
Title 24 published on 2014-04-01.
No entries appear in the Federal Register after this date, for 24 CFR Part 1000.