Orange County NC Website
Browse       Search
7 <br /> design or construction phase services until the contracts are submitted and approved. <br /> 18. Bigible small purchases estimated to exceed $10,000 require three informal bids for approval. <br /> 19. Within thirty(30)days of the date of completion of the project, the applicant will make available t o t he <br /> Construction Grants Section staff all requested project closeout items indudingfinal costsforthepurpose <br /> of making final adjustments t o t he Revolving Loan and debt instrument. <br /> 20.All principal paymentswill be made annually on or before May 1St.The first principal payment isdue not <br /> earlier than six monthsafter the original date of completion of the project.All interest payments will be <br /> made semiannually on or before May 1St and November 1St of each year.Thefirst interest payment isdue <br /> not earlier than six months after the original date of completion of the project. <br /> 21. In accordancewith GS 159-26(b)(6),acapital project fund is required to account for all debt instrument <br /> proceedsused to finance capital projects. It isrequired that acapital project ordinance,in accordancewith <br /> GS 159-13.2, be adopted by the governing board authorizing all appropriations necessary for the <br /> completion of the project. A copy of the approved ordinance must be submitted to this office before <br /> submitting the first reimbursement request. <br /> 22.Adequate accounting and fiscal records will be maintained during the construction of the project and <br /> these records will be retained and made available for a period of at least three (3) years following <br /> completion of the project. <br /> 23.All funds loaned pursuant to North Carolina General Statute 159G shall be expended solely for carrying <br /> out the approved project and an audit shall be performed in accordance with GS 159-34, as <br /> amended. The applicant will expend all of the requisitioned fundsfor the purpose of paying the <br /> oostsof the project within three(3) banking daysfollowing the receipt of the fundsfrom the State. <br /> Please note that the Mate is not a party to the construction contract(s)and the loan recipient isexpected <br /> to uphold its contract obligations regarding timely payment. See Standard Condition 5. <br /> 24. The applicant shall demonstrate to the satisfaction of the Department of Environment and Natural <br /> Fbsources its ability to pay the remaining or ineligible cost of the project. <br /> Acknowledgement of Standard Conditions and Assurances <br /> TheApplicant hereby gives assurance to the Department of Environment and Natural Fbsourcesthat the <br /> declarations,assurances, representations,and statementsmade bythe applicant in the application; and <br /> all documents,amendments,and communicationsfiled with the Department of Environment and Natural <br /> Fbsources by the applicant in support of its request for a loan will be fulfilled. <br /> ............................................................... ...................................... <br /> 9gnature Date <br />