N.H. Admin. Code § Env-Wq 507.02 - Initial Loan Documents (ILDs) for Non-Governmental Entities
(a) Following acceptance of an application
from a non-governmental entity and upon determining that funds are available,
the department shall send the applicant's financial information to the SRF
financial advisor for review.
(b)
If the department determines, based on the assessment provided by the SRF
financial advisor, that lending money to the applicant would not pose an
unreasonable risk of loss due to non-repayment of funds provided to the
applicant, the department shall prepare the initial loan documents (ILD) that
contain the following provisions:
(1) The
loan amount;
(2) The interest rate
for the loan;
(3) The length of the
repayment term;
(4) A description
of the project;
(5) Authorization
for representatives of the department and applicable federal agencies to
examine any of the loan recipient's records that pertain to transactions
relating to the loan agreement, construction contracts, or engineering
contracts for the purpose of inspection, audit, and copying during normal
business hours;
(6) A requirement
for the recipient to develop and adhere to an asset maintenance and renewal
plan for the funded improvements;
(7) Security for the loan; and
(8) Any other provision(s) required by state
or federal law in order for the agreement to be valid.
(c) The department shall send the drafted ILD
to the SRF attorney and to the applicant for review and comment.
(d) If the applicant agrees to the terms of
the ILD and the SRF attorney does not identify issues that could cause the ILD
to not be enforceable, the department shall submit the unsigned ILD to the
G&C for approval.
(e) If the
G&C approves the ILD, the department and the recipient shall schedule a
loan closing for a mutually-acceptable date and time.
(f) The recipient shall bring the following
documents to the closing:
(1) Proof of
authority to enter into contracts in New Hampshire, such as a certificate of
good standing from the New Hampshire secretary of state's office that is valid
on the date of the loan closing;
(2) If the recipient was formed under the
laws of a jurisdiction other than New Hampshire, a certificate of good standing
from the state of incorporation or other registration that is valid as of the
date of the loan closing; and
(3)
Any additional documents identified by the SRF attorney and identified in the
loan closing agenda.
(g)
After the recipient signs the ILD, the department shall:
(1) Sign the ILD; and
(2) Provide a copy of the signed ILD to the
recipient, the SRF financial advisor, and the SRF attorney.
(h) The ILD shall be
effective upon signing by the recipient and the
department.
Notes
(See Revision Note #1 at chapter heading for Env-Wq 500) #8883, eff 5-8-07; (See Revision Note #2 at chapter heading for Env-Wq 500) ss by #9394, INTERIM, eff 3-1-09; ss by #9531, eff 8-26-09
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