1. (a) Release of funds for planning, design and permits. Prior to the release of funds for planning, design, and permits, the political subdivision shall submit for approval to the executive administrator the following documents:

   1. (1) a statement as to sufficiency of funds to complete the activity;
   2. (2) certified copies of each contract under which revenues for repayment of the political subdivision's debt will accrue;
   3. (3) executed consultant contracts relating to services provided for planning, design, and/or permits;
   4. (4) evidence that the requirements and regulations of all identified local, state, and federal agencies having jurisdiction have been met, including but not limited to permits and authorizations; and
   5. (5) other such instruments or documents as the board or executive administrator may require.
2. (b) Pre-design funding. The funds needed for the total estimated cost of the engineering planning, and design cost if the engineering feasibility data required under §375.36 of this title (relating to Engineering Feasibility Data) has been approved, the cost of issuance associated with the loan, and any associated capitalized interest will be released to the loan recipient and the remaining funds will be escrowed to the escrow agent bank or to the trust agent until all applicable requirements in subsections (a) and (c) of this section and §375.39 of this title (relating to Pre-Design Funding Option) have been met.

3. (c) Release of funds for building purposes. Prior to the release of funds for building purposes, the political subdivision shall submit for approval to the executive administrator the following documents:

   1. (1) a tabulation of all bids received and an explanation for any rejected bids or otherwise disqualified bidders;
   2. (2) one executed original copy of each construction contract the effectiveness and validity of which is contingent upon the receipt of board funds;
   3. (3) evidence that the necessary acquisitions of land, leases, easements and rights-of-way have been completed or that the applicant has the legal authority necessary to complete the acquisitions;
   4. (4) a statement as to sufficiency of funds to complete the project;
   5. (5) certified copies of each contract under which revenues to the project will accrue;
   6. (6) evidence that all requirements and regulations of all identified local, state, and federal agencies having jurisdiction have been met, including permits and authorizations;
   7. (7) evidence that the project is consistent with plans, if any, developed under the Act, §§205(j), 208, 303(e), 319 and 320, as well as the applicable sections of the Clean Air Act which apply to the project receiving the financial assistance;
   8. (8) an updated schedule of projected monthly reimbursements for eligible project costs to be requested by the applicant throughout the project funding period. Any eligible project costs which will be paid by the applicant prior to receiving reimbursement must be identified separately in this schedule; and
   9. (9) other such instruments or documents as the board or executive administrator may require.
4. (d) Release of funds for projects constructed through one or more construction contracts. For projects constructed through one or more construction contracts, the executive administrator may approve the release of funds for all or a portion of the estimated project cost, provided all requirements of subsection (c) of this section have been met for at least one of the construction contracts.
5. (e) Escrow of funds. The executive administrator may require the escrow of an amount of project funding related to contracts which have not met the requirements of subsection (c) of this section at the time of loan closing.

Source Note:The provisions of this §375.72 adopted to be effective February 11, 1999, 24 TexReg 769; amended to be effective February 10, 2000, 25 TexReg 812.