1. (a) Conditions of Funds Disbursement. The Strategic Partner shall not disburse Loan funds unless all of the following conditions are met:

   1. (1) All funds for completing the Brownfield Project are obtained and available for use.
   2. (2) All terms and conditions contained in the commitment letter described in 8094(c) are satisfied;
   3. (3) Execution of a Loan Agreement, Promissory Note and any other documents, as required, and compliance with all conditions precedent to disbursement contained in the Loan Agreement.

2. (b) Funds Disbursement. The Strategic Partner shall cause funds to be disbursed as follows:

   1. (1) The Borrower shall sign and submit to the Strategic Partner a signed invoice documenting the service or procedure performed from entities providing materials and services for Eligible Costs covered by the Loan Agreement.

   2. (2) Upon receipt of the signed invoice, the Strategic Partner, in its sole discretion, shall authorize the disbursement of Loan funds to the Borrower:

      1. (A) First, from the cash portion of the Match until depleted, and
      2. (B) Second, from the funds of the Authority committed by the Authority for the Loan.

3. (c) Loan Repayment Procedures. The Strategic Partner shall cause any Brownfield Project loan repayment proceeds received from the Borrower to be delivered promptly upon receipt by the Strategic Partner to the following entities in the following order:

   1. (1) First, to the Authority until the funds advanced by the Authority for the Loan, or a Forgiven Loan, are repaid in full, with interest, and
   2. (2) Second, to the Strategic Partner to repay any loan to the Borrower by the Strategic Partner in connection with the Brownfield Project, if applicable.

Note: Authority cited: Section 44520, Health and Safety Code. Reference: Sections 44501, 44502, 44504.1, 44505, 44506, 44507, 44508, 44520, 44525.7, 44526(h), 44526(i), 44537.5, 44548(a), 44548(b), 53545 and 53545.14, Health and Safety Code.

History

1. New section filed 8-13-2001 as an emergency; operative 8-13-2001 (Register 2001, No. 33). Pursuant to Health and Safety Code section 44520, a Certificate of Compliance must be transmitted to OAL by 2-11-2002 or emergency language will be repealed by operation of law on the following day.

2. Certificate of Compliance as to 8-13-2001 order transmitted to OAL 2-8-2002 and filed 3-21-2002 (Register 2002, No. 12).

3. Amendment of Note filed 2-29-2008 as an emergency; operative 2-29-2008 (Register 2008, No. 9). Pursuant to Health and Safety Code section 44520(b), a Certificate of Compliance must be transmitted to OAL by 8-27-2008 or emergency language will be repealed by operation of law on the following day.

4. Amendment of Note refiled 8-25-2008 as an emergency; operative 8-27-2008 (Register 2008, No. 35). Pursuant to Health and Safety Code section 44520(b), a Certificate of Compliance must be transmitted to OAL by 11-24-2008 or emergency language will be repealed by operation of law on the following day.

5. Amendment of Note refiled 11-24-2008 as an emergency, including further amendment of subsection (a)(2); operative 11-24-2008 (Register 2008, No. 48). Pursuant to Health and Safety Code section 44520(b), a Certificate of Compliance must be transmitted to OAL by 2-23-2009 or emergency language will be repealed by operation of law on the following day.

6. Certificate of Compliance as to 11-24-2008 order transmitted to OAL 1-7-2009 and filed 2-23-2009 (Register 2009, No. 9).