| (a) Loan documents. Loan documents shall be executed at the time of closing and shall include the following: (1) the term of the loan and a schedule for repayment of principal and interest; (2) the interest rates for the loan, which will be set as the standard rate under §363.33(a)(3) of this title (relating to Interest Rates for Loans and Purchase of Board's Interest in State Participation Projects); (3) that an annual audit of the applicant, prepared in accordance with generally accepted auditing standards by a certified public accountant or licensed public accountant, be provided annually to the executive administrator for the term of the loan; (4) that a final accounting be made to the executive administrator of the total sources and authorized use of loan funds if so requested by the executive administrator; (5) that the applicant shall levy and collect taxes and/or charges to provide adequate revenue to pay principal and interest on the loan as it comes due. (6) that the applicant will apply any unused funds to the repayment of loan principal in inverse order of maturity; (7) that the applicant shall maintain current, accurate and complete records and accounts necessary to demonstrate compliance with financial assistance related legal and contractual provisions; (8) any additional conditions that may be imposed by the board or requested by the executive administrator. (b) Closing requirements. The applicant shall be required to execute the note and loan agreement as a condition of closing. |
