Sec. 5411.
(1) The department shall review a complete application for assistance for a proposed project submitted under section 5409. If the department approves the application for assistance, the department shall issue an order of approval to establish the specific terms of the assistance. The order of approval shall include, but need not be limited to, all of the following:
(a) The term of the assistance.
(b) The maximum principal amount of the assistance.
(c) The maximum rate of interest or method of calculation of the rate of interest that will be used, or the premium charged.
(2) The order of approval under subsection (1) shall incorporate all requirements, provisions, or information included in the application and other documents submitted to the department during the application process.
(3) The department shall not prohibit a water supplier from using assistance for a project to meet match requirements for federal loans or grants for that project.
(4) After issuance of the order of approval under subsection (1), the department shall certify to the authority that the water supplier is eligible to receive assistance.
History: Add. 1997, Act 26, Imd. Eff. June 17, 1997 ;-- Am. 2012, Act 561, Imd. Eff. Jan. 2, 2013 Popular Name: Act 451Popular Name: NREPA
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