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§ 8122. Authority Approval and Commitment Letter.

4 CA ADC § 8122Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 4. Business Regulations
Division 11. California Pollution Control Financing Authority (Refs & Annos)
Article 11. Sustainable Communities Grant and Loan Program-Loans
4 CCR § 8122
§ 8122. Authority Approval and Commitment Letter.
(a) Authority Approval. No later than ninety (90) days following receipt of an Application, the Executive Director will determine which Projects to recommend to the Authority for loan funding pursuant to section 8121(e) hereof. The Authority shall make the final determination as to which Applications will receive program funding. The Authority shall notify each Applicant whether or not its Application has been approved for funding.
(b) Commitment Letter. If funding is approved, the Authority shall notify the Applicant by a letter committing the Authority to provide Loan funds so long as the Applicant strictly complies with the terms and conditions contained therein. The commitment letter shall include all of the following:
(1) Name(s) of the Borrower.
(2) Loan amount and term.
(3) A description of Eligible Costs to be financed.
(4) Disbursement process, including a statement that proceeds shall be disbursed on a reimbursement basis.
(5) Conditions and covenants.
(6) The date when the commitment expires.
(7) Such other items as may relate specifically to a Project and/or Applicant.
(8) A statement that the Authority reserves the right to modify or cancel the commitment upon failure of the Applicant to execute a Loan Agreement that includes all of the terms and conditions set forth in the commitment letter, or if the Authority becomes aware of any matter which, if known at the time of Application review or approval, would have resulted in the Application not being approved.

Credits

Note: Authority cited: Sections 44520(a) and 44520(c), Health and Safety Code. Reference: Sections 44501, 44502, 44526(g) and 44526(i), Health and Safety Code.
History
1. New section filed 5-13-2002 as an emergency; operative 5-13-2002 (Register 2002, No. 20). Pursuant to Health and Safety Code section 44520(c) a Certificate of Compliance must be transmitted to OAL by 11-12-2002 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 5-13-2002 order transmitted to OAL 7-31-2002 and filed 9-12-2002 (Register 2002, No. 37).
This database is current through 2/16/24 Register 2024, No. 7.
Cal. Admin. Code tit. 4, § 8122, 4 CA ADC § 8122
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