Reimbursement and refinancing

Reimbursement and refinancing. (1) Reimbursement of previously paid debt. The department may approve reimbursement of 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 166.08 (4) , and the applicant does not already have outstanding long-term affordable debt for the project. (2) Refinancing of interim debt. The department may approve refinancing of the eligible portion of a municipality’s interim debt subject to the limits established in s. NR 166.07 (3) .