Ill. Admin. Code tit. 41, § 293.90 - Terms and Conditions of Loan Agreement
An approved loan application with OSFM and the Authority is subject to the following terms:
a)
Loan proceeds under this program shall be used exclusively for the purposes
listed in Section 293.30 and shall be expended in
accordance with the approved application and the applicant's policies and
procedures related to the expenditures.
b) Orders for payment will be submitted to
the Office of the Comptroller by the Authority.
c) Loan proceeds shall be spent no later than
six months following the receipt of the loan.
d) Use of loan proceeds shall be accounted
for in accordance with standard accounting practices. Loan recipients shall
submit to OSFM a report detailing and accounting for how the loan proceeds were
spent. This expenditure report, to be submitted on a form supplied by OSFM,
shall attach invoices and other documentation necessary to prove payment and
shall be due no later than nine months following receipt of the loan.
e) In the event that the loan proceeds are
not expended in the manner approved, the recipient, upon written notification
from the Authority, shall be required to submit, by the next payment due date,
payment of the outstanding principal and interest of the loan.
f) Loan proceeds shall be included in the
institution's budget.
g) In the
event of default that is not cured within 90 calendar days, the Authority shall
notify the Office of the Comptroller to deduct the amount owed from any
payments from other State agencies, and the institution shall be ineligible for
additional loans until good standing has been restored. In addition, OSFM
and/or the Authority may avail itself of all remedies, rights and provisions of
law applicable in the circumstances, and the failure to exercise or exert any
rights or remedies provided by law may not be raised as defense by the
institution in default.
h) The
institution agrees to pay the Authority a processing fee of up to $5,000, upon
approval of the loan, separate from the loan proceeds, to defray the costs of
the loan to the Authority.
Notes
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