Disbursement procedures for Water Resources Development General Obligation Bond Program
Arkansas Code § 15-20-206
- (a) Unless otherwise provided and approved by the Director of the Arkansas Natural Resources Commission, the total amount of financial assistance funds authorized for disbursement to the applicant shall not be released and disbursed to applicant in a total lump sum but instead shall be disbursed to applicant in partial amounts at agreed-upon intervals and stages of construction, all as provided within the contract documents and the drawdown schedule approved by the Arkansas Natural Resources Commission.
(b) The director may require the applicant to submit to the commission prior to any release or disbursement of funds such:
- (1) Invoices;
- (2) Receipts;
- (3) Contracts;
- (4) Lien waivers;
- (5) Verifications;
- (6) Evidence of expenditures or encumbrances;
- (7) Construction status and progress reports; or
- (8) Other information as the director may require.