Section 365.450  Refinancing

a)         Design costs, as set forth in Section 365.460 (Limitation on Design Cost) of this Subpart, and bidding costs related to eligible construction contracts incurred prior to the award of the loan agreement are eligible for refinancing.

b)         Costs under a construction contract executed prior to the award of the loan agreement shall be eligible for refinancing only when the following conditions apply:

1)         The project meets the definition of a compliance project in accordance with Section 365.130 (Definitions) of this Part;

2)         The compliance project costs were incurred and construction was initiated after March 7, 1985; and

3)         The loan applicant has received written approval from the Agency prior to the award of the construction contract.

c)         Project costs refinanced shall receive the terms and interest rate available for the federal fiscal year that the loan agreement is issued.

(Source:  Amended at 34 Ill. Reg. 17582, effective November 8, 2010)