Letter of Commitment

Section 662.355  Letter of Commitment a)         Anytime during the fiscal year, the Agency may issue a letter of commitment reserving funds for a project, provided funds are available, if the following conditions have been met: 1)         The project is on the Project Priority List; 2)         The project is not on the Intended Funding List; 3)         the Agency has approved the loan applicant's Project Plan pursuant to Sections 662.320 and 662.330; and 4) the Agency has approved the documents submitted pursuant to Section 662.350(a) through (d), including the issuance of any necessary construction permits . b) The Agency may include conditions in the letters of commitment that must be met to prevent the release of the funds.  The conditions may include, but are not limited to, a schedule for bidding the project and beginning construction. c)         Any funds reserved by a letter of commitment will be released at the end of the fiscal year or when conditions within a letter of commitment are not satisfied.