(a)
- (1) Upon enactment of the bond ordinance, the applicant will enter into a bond purchase agreement with the Arkansas Natural Resources Commission staff.
- (2) The bond purchase agreement shall be prepared by the borrower's bond counsel according to the term sheet provided by the commission staff.
- (3) It shall set forth the terms and conditions that the borrower must meet to obtain funding.
- (b) Funds will not be committed until the bond purchase agreement is executed.
- (c) If the applicant has not had a loan closing within six (6) months of executing the bond purchase agreement, the commission staff may terminate the assistance according to the provisions of the bond purchase agreement.
- (d) The commission staff will reallocate the funds committed to the project to other projects.
- (e) The applicant will be allowed to reapply for CWRLF funds, but will be subject to the rules in effect at the time of reapplication.