Utah Admin. Code R309-700-8 - Planning Loan
(1) A Planning Loan
is made to a political subdivision with the intent to provide interim financial
assistance for project planning until the long-term project financing can be
secured. The Planning Loan must be repaid to the Board unless the payment
obligation is waived by the Board.
(2) The applicant must demonstrate that all
funds necessary to complete project planning will be available before
commencing the planning effort. The Planning Loan will be deposited with these
other funds into a supervised escrow account when the loan agreement between
the applicant and the Board is executed or the Board may choose to provide the
funds in incremental disbursements as the applicant incurs expenses on the
project.
(3) The recipient of a
Planning Loan must first receive written approval from the Division Director
for any cost increases or changes to the scope of work.
(4) Copies of all prepared documents required
by the planning loan shall be submitted to the Division.
Notes
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