An applicant receiving financial assistance under this chapter
shall:
(1) repay the financial assistance at the specified
interest rate over a specified period as provided in the financial
assistance agreement;
(2) submit to the department within 30 days of the
date of their adoption the annual operating and capital budgets adopted
by the applicant each fiscal year under a trust agreement or indenture
or equivalent document securing bonds issued for a project, and any
amended or supplemental operating or capital budget, approved by the
governing body of the applicant and certified as correct by its chief
administrative officer or chief financial officer;
(3) for all debt payable from the same revenue that
is to repay the financial assistance, within 30 days after the date
of submission to the Electronic Municipal Market Access System (EMMA)
of the Municipal Securities Rulemaking Board of annual financial information
and notices of material events required to be disclosed under Rule
15c2-12 of the United States Securities and Exchange Commission (17
C.F.R. §240.15c2-12), submit the information or notice to the
department or advise the department in writing that the submission
to EMMA has been made and provide in that writing the associated CUSIP
number; and
(4) abide by provisions governing default.
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