R309-700-9. Design Grant or Loan

(1) For purposes of Section R309-700-9, project design means preparing engineering plans and specifications, construction contracts, and associated work. (2) A Design Grant or Loan is made to a political subdivision with the intent to provide interim financial assistance for the completion of the project design until the long-term project financing can be secured. The Design Loan must be repaid to the Board unless the payment obligation is waived by the Board as authorized by Subsection 73-10c-4(3)(b). (3) The applicant must demonstrate that all funds necessary to complete the project design will be available before commencing the design effort. The Design Grant or Loan will be deposited with these other funds into a supervised escrow account when the grant or loan agreement between the applicant and the Board is executed. (4) The recipient of a Design Grant or Loan must first receive written approval from the Board before incurring any cost increases or changes to the scope of work.