Orange County NC Website
Browse       Search
43 <br /> b. Loans with maturities longer than December 31, 2026: Orange County is not <br /> required to separately account for the repayment of principal and interest on <br /> loans of CSLFRF with maturities after the ARP/CSLFRF award's period of <br /> performance. Orange County shall expend ARP/CSLFRF funds for only the projected <br /> cost of the loan. Orange County shall project the cost of the loan by estimating the <br /> subsidy cost according to one of the calculation methods outlined in Treasury's Final <br /> Rule FAQs, question 4.9 (updated 4/27/22). <br /> (3) Contributions to revolving loan funds: Orange County may contribute funds to a <br /> revolving loan fund if the loaned SLFRF funds are restricted to financing eligible uses. <br /> The amount of CSLFRF funds contributed to a revolving loan fund must be limited to the <br /> projected cost of loans made over the life of the revolving loan fund, following the <br /> approach described above for loans with maturities longer than December 31, 2026. <br /> a. Any contribution of CSLFRF revenue loss funds to a revolving loan fund shall <br /> follow the approach of loans funded under the revenue loss eligible use category <br /> outlined in Section V, paragraph 1. <br /> VI. ALLOCATION OF PROGRAM INCOME <br /> Orange County shall only expend program income on costs that are reasonable, allocable, and <br /> allowable under the terms of the ARP/CSLFRF award. To adhere to these requirements, Orange <br /> County shall comply with the cost principles included in 2 C.F.R. § 200, as outlined in Orange <br /> County's Allowable Costs Plicy. Orange County shall allocate program income to the <br /> ARP/CSLFRF award in proportion to the pro rata share of the total funding (e.g., if CSLFRF funds <br /> cover half of a project's cost, with general revenue covering the other half, the Unit shall <br /> allocate 50% of any program income earned to the ARP/CSLFRF award and account for its use <br /> pursuant to § 200.307). <br /> VII. ADDITIONAL PROGRAM INCOME REQUIREMENTS <br /> (a) Identifying, Documenting, Reporting, and Tracking.To ensure compliance with the <br /> requirements of program income as outlined by the Federal regulations, the terms and <br /> conditions of the ASP/CSLFRF award, and the requirements set forth herein, each <br /> department shall identify potential sources of program income and properly report the <br /> program income for the period in which it was earned and dispersed. <br /> Program income shall be accounted for separately. Orange County shall not comingle <br /> program income earned from programs supported by ARP/CSLFRF funds with the <br /> general award of ARP/CSLFRF funds Orange County received from Treasury. Any costs <br /> 4 <br />