Reimbursement and refinancing

Reimbursement and refinancing. (1) Reimbursement of previously paid debt. The department may reimburse eligible project costs previously paid by the municipality from its internal funds, if the reimbursement is in compliance with applicable U.S. treasury reimbursement regulations in 26 CFR 1.150-2 , the project does not reach substantial completion more than 3 years prior to the date the applicant submits a complete application for financial assistance under s. NR 162.05 (4) , and the applicant does not already have outstanding long-term affordable debt for its project that reached substantial completion more than 3 years prior to the date on which a complete application was submitted to the department. (2) Refinancing of interim debt. The department may refinance the eligible portion of a municipality’s interim debt subject to the limits established in s. NR 162.04 (3) .