Project Budget Period

Project Budget Period. 1. Costs for the project must be incurred within the Project Budget Period established in the loan agreement. When justified and approved by the Board, the Project Budget Period may begin prior to loan award, but may not begin more than 30 days prior to receipt of the loan application by the Department. If project costs are incurred prior to loan offer, the prospective loan recipient agrees that he is proceeding at his own risk and relieves the Board, the Department, and the Department staff of all responsibility and liability should such costs later be determined unallowable for any reason, or should such funding not become available for any reason. 2. The end of the Project Budget Period will coincide with the 30 day deadline described in Section III.C.(9)(e) of this regulation.