HAR §15-307-248. Conditions for subaccount funds

(a) The administrator and state departments or agencies, counties, or private developers, upon approval by the board, may enter into an agreement, including a loan agreement, development agreement, or regulatory agreement, evidencing the eligible developer's obligation to develop the project in a manner that carries out the intent and purpose of this program. (b) The corporation shall require the eligible developer to prepare and maintain such records, including cost certifications, necessary to show that sub~ccount funds are being used in a manner meeting program requirements. (c) Eligible developers shall also provide periodic written reports to the corporation on the progress of the project. Written reports shall be submitted at a minimum on an annual basis; provided that the corporation shall receive a report subsequent to any of the following events: (1) Non-payment of interest or principal; (2) Breach of contractual obligations related to all involved parties; (3) Illegality; (4) Default of a major contract counterparty; (5) Regulatory or policy changes; (6) Construction delays; (7) Significant deviation from projected costs and cash flows; (8) Sudden increase in costs; or 307-53 §15-307-248 (9) Force majeure events that affect the economic value of the project. [Eff 4/28/17; comp JAN ts 2022] (Auth: HRS §§201H­ 4, 201H-191.5) (Imp: §201H-191.5)