Section 30.06. Loan agreement.

 

(1)  An applicant with an approved loan application shall execute a loan agreement with the department on a form approved by the department.

(2)  A loan agreement is void unless it is executed by an applicant and by the department within 60 days of approval of the loan application by the department.

(3)  Recipients are subject to all relevant statutes, rules, and agreements of the department, including the obligation to obtain a permit from the department to occupy highway rights-of-way.

(4)  The amount of loan provided by the department shall be stated in the loan agreement.

(5)  Recipients shall make periodic progress reports to the department if required by the agreement.

(6)  The department shall require repayment of loan funds advanced to a recipient if the railroad or public utility alteration or relocation project for which the loan funds are granted is not completed in accordance with all terms of the loan agreement.

History: Cr. Register, January, 1991, No. 421 , eff. 2-1-91.