1. (a) The loan recipient shall repay funds received and interest accrued thereon to the state as stipulated in the supplemental agreement or allonge, as applicable.

2. (b) Repayments shall:

   (1 Not exceed the maximum repayment period established in the SLA or allonge; and

3. (2) Begin by the earlier of one year following the date of substantial completion of the project or one year following the scheduled completion date established in the financial assistance agreement.
4. (c) Should excusable delay be incurred beyond the scheduled completion date, the recipient shall request modification of the financial assistance agreement to account for the delays.
5. (d) If the recipient so requests, the department shall negotiate an appropriate modification of the financial assistance agreement.
6. (e) Any modification of the financial assistance agreement shall be negotiated with and approved by the recipient and the state prior to any formal modification of the financial assistance agreement.
7. (f) Loans may be repaid prior to the date stipulated in the financial assistance agreement with no prepayment penalty.

Source. (See Revision Notes #1-#3 at chapter heading for Env-Wq 500) #10984, eff 12-1-15; ss by #13511, eff 12-20-22 (formerly Env-Wq 507.09)