SECTION 785:50-10-4. Disbursement of funds and conditions for disbursement

Latest version.

  After an application for financial assistance under the program authorized by Sections 1085.71 through 1084A of Title 82 of the Oklahoma Statues has been approved by the Board, the following conditions and requirements shall be met prior to the releases and disbursement of any financial assistance funds:
(1)   Final approval of disbursement of financial assistance proceeds is granted or waived by the Department.
(2)   Applicant and Board, and all other necessary parties, shall have executed all necessary and incidental instruments and documents for loan closing, including but not limited to all mortgages, notes, financing statements and pledges of project security and revenues where appropriate.
(3)   Recipient sends disbursement requests to Department, Department approves disbursement requests and forwards same to Board.

[Source: Added at 12 Ok Reg 2715, eff 7-1-95; Amended at 15 Ok Reg 2881, eff 7-1-98]

                    
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