Iowa Code r. 265-46.8 - Termination; rectification of deficiencies; disputes

(1) Termination. The authority shall have the right to terminate and recapture any grant or loan proceeds when terms of the financial agreement have been violated. The executive director shall establish a repayment schedule for funds already disbursed to the recipient. All terminations shall be in writing.

(2) Rectification of deficiencies. Failure of the recipient to implement the approved project or to comply with the applicable requirements constitutes grounds for the authority to recapture or withhold funds. The recipient is responsible for ensuring that the identified deficiency is rectified. Once the deficiency is corrected, the funds may be released.

(3) Disputes. A recipient that disagrees with the authority's withholding of funds may request a formal review of the action. The recipient must submit a request in writing to the executive director within 30 days of notification by the authority of its planned action.

Notes

Iowa Code r. 265-46.8

ARC 4453C, IAB 5/22/19, effective 6/26/19

Adopted by IAB May 22, 2019/Volume XLI, Number 24, effective 6/26/2019