(a)

1. (1) Upon enactment of the bond ordinance and execution of the bond purchase agreement, the borrower's bond counsel shall arrange a loan closing according to Arkansas Natural Resources Commission staff requirements.
2. (2) Before loan closing, the borrower shall submit for approval an initial disbursement request to the commission staff for payment at loan closing.

(b)

1. (1) Normally, the loan is not closed until the commission staff has certified the application as complete according to the requirements of 15 CAR § 26-301 et seq.
2. (2) When it is in the best overall interest of the CWRLF program, the commission staff may execute a bond purchase agreement and close the loan before completion of the application process.
3. (3) Under these circumstances, construction phase funds will not be disbursed until the application has been certified according to the requirements of 15 CAR § 26-301 et seq.

(c)

1. (1) The applicant agrees that the commission is not a partner, joint venturer, or in any other way a party to the project or the operation of the wastewater system of the applicant.
2. (2) The commission shall not in any way be liable or responsible for the payment of any claims or cost overruns concerning the project.