18 N.C. Admin. Code 08 .0402 - QUALIFICATIONS

Current through Register Vol. 36, No. 19, April 1, 2022

No applicant shall be eligible for the award of a grant unless it demonstrates to the satisfaction of the Department the following:

(1) the applicant is a board of county commissioners;
(2) the applicant has the financial capacity to provide its share of the project costs. To the extent that the costs are to be provided on a pay-as-you-go basis, the full amount indicated from this source shall be represented by cash on hand or cash expected to be included in the applicant's annual budget for the years in which payments under the project contract will be due. To the extent that borrowed funds are anticipated, the applicant shall certify that the additional debt, together with the applicant's existing debt, is within the debt limitation provisions of the general laws of the state. In making this determination, the Department may, in its discretion, seek the comments of the secretary of the local government commission when the applicant proposes the use of borrowed funds; and
(3) the applicant has complied or will comply with all applicable laws, rules, and ordinances, state and local.

Notes

18 N.C. Admin. Code 08 .0402
Authority G.S. 102-15; 102-17; 147-54.3;
Eff. February 27, 1979;
Transferred from T01.21 effective August 25, 1986;
Amended Eff. November 1, 1994; April 1, 1990; April 1, 1988.

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