(a) Permissible use of investment. The Department's
investment is to be used to finance individual loans and/or grants
that meet the RED C4T Program's objectives and terms defined by the
Agreement.
(b) Minimum amount of investment. The Department shall
not provide an investment to an applicant where the amount of the
investment is less than $100,000.
(c) Maximum amount of investment. The cumulative amount
of investment(s) to an applicant may not exceed $1,000,000.
(d) Investment Return. The investment return shall
be the rate approved by the Department and/or lender, if applicable.
(e) Investment term. The term of the initial investment
shall be defined in the Agreement between the Recipient and the Department.
Any extension to the initial term must be approved in writing by the
Department.
(f) Reporting requirements for an investment provided
by the Department, at minimum, include:
(1) Annual reporting. The Recipient shall provide to
the Department a copy of its annual audit report.
(2) Quarterly reports. The Recipient shall provide
to the Department quarterly reports, in a format approved by the Department,
summarizing its activities or accomplishments for the previous three-month
period. Quarterly reports are due thirty days after the end of each
quarter or as specified in the Agreement.
(3) If necessary, the Department may request other
reports or documentation reasonably necessary for an assessment of
the applicant's compliance with the program.
(g) Repayment of the initial investment. The Recipient
shall repay the initial investment plus the investment return as defined
in the Agreement.
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