25 Pa. Code § 76.92 - Schedule of disbursements
(a) The
Department will establish in the loan agreement the loan disbursement schedule
for a development project and in the grant agreement the disbursement schedule
for a demonstration project upon its determination that the approved applicant
has met the requirements of eligibility for loan or eligibility for grant, or
both, whichever the case may be. The disbursement schedule shall include
monthly progress payments or a longer period that may be established in the
construction contract.
(b) The
Department will release each scheduled disbursement after review and approval
of "Schedule A-Statement of Revenues, Expenditures, and Encumbrances," as
submitted by the development agency.
Notes
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