- a) Anytime during the fiscal year, the Agency may issue a letter of commitment reserving funds for a project, provided funds are available, if the following conditions have been met:
- 1) The project is on the Project Priority List;
2) The project is not on the Intended Funding List;
- 3) the Agency has approved the loan applicant's Project Plan pursuant to Sections 662.320 and 662.330; and
- 4) the Agency has approved the documents submitted pursuant to Section 662.350(a) through (d), including the issuance of any necessary construction permits.
- b) The Agency may include conditions in the letters of commitment that must be met to prevent the release of the funds. The conditions may include, but are not limited to, a schedule for bidding the project and beginning construction.
- c) Any funds reserved by a letter of commitment will be released at the end of the fiscal year or when conditions within a letter of commitment are not satisfied.
(Source: Added at 43 Ill. Reg. 11209, effective October 1, 2019)