Loan or grant approval.

(a) The processing office will submit the following to the approval official: (1) Form RD 1942-45, “Project Summary”; (2) Form RD 442-7, “Operating Budget”; (3) Form RD 442-3, “Balance Sheet” or a financial statement or audit that includes a balance sheet; (4) Form RD 442-14, “Association Project Fund Analysis”; (5) “Letter of Conditions”; (6) Form RD 1942-46, “Letter of Intent to Meet Conditions”; (7) Form RD 1940-1, “Request for Obligation of Funds”; (8) Completed environmental review documents including copies of public notices and appropriate proof of publication, if applicable; and (9) Grant determination, if applicable. (b) Approval and applicant notification will be accomplished by mailing to the applicant on the obligation date a copy of Form RD 1940-1. The date the applicant is notified is also the date the interest rate at loan approval is established. [62 FR 33478, June 19, 1997, as amended at 63 FR 68655, Dec. 11, 1998]