Iowa Admin. Code r. 261-118.6

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 261-118.6 - [Effective 1/15/2025] Award administration and reporting

(1)Notice of award. Successful applicants will be notified in writing of an award of financial assistance, including any conditions and terms of the award.

(2)Contract administration and amendments. The authority will prepare a contract for each award approved by the board. The contract will reflect the terms of the award and may include other terms and conditions reasonably necessary for implementation of the program pursuant to this chapter. Substantial amendments to a contract must be approved by the board. Substantial amendments include the amount of financial assistance, the length of the contract, and the terms of a settlement following an event of default. Other changes or amendments to the contract may be negotiated by the authority with the approval of the director.

(3)Disbursement of funds. The authority will disburse funds to a strategic infrastructure project only after a complete application has been received, an award has been recommended by the council and approved by the board, a contract has been executed between the applicant and the authority, and all applicable conditions for disbursement have been met, including the submission of documentation pertaining to the eligible expenditures. Disbursement of funds under the contract will be on a reimbursement basis for expenses incurred by the applicant as provided under the contract.

(4)Reporting. An applicant receiving assistance under the program shall submit any information reasonably requested by the authority in sufficient detail to permit the authority to prepare any reports required by the authority, the board, the general assembly or the governor's office.

Iowa Admin. Code r. 261-118.6

Adopted by IAB January 21, 2015/Volume XXXVII, Number 15, effective 2/25/2015

Adopted by IAB December 11, 2024/Volume XLVII, Number 11, effective 1/15/2025