159G-41. Withdrawal of loan or grant.
A letter of intent to offer an award for a loan or grant for a project is withdrawn if the applicant fails to enter into a construction contract for the project within two years after the date of the letter, unless the Department finds that the applicant has good cause for the failure. An award for a loan or grant for a project is withdrawn if the applicant fails to enter into a construction contract for the project within one year after the date of the award, unless the Department finds that the applicant has good cause for the failure. If the Department finds good cause for an applicant's failure, the Department must set a date by which the applicant must take action or forfeit the loan or grant. (2005-454, s. 3.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159G - Water Infrastructure
Article 2 - Water Infrastructure Loans and Grants Administered by Department.
§ 159G-30 - Department's responsibility.
§ 159G-31 - Entities eligible to apply for loan or grant.
§ 159G-32 - Projects eligible for loan or grant.
§ 159G-33 - Loans and grants available from Wastewater Reserve.
§ 159G-34 - Loans and grants available from Drinking Water Reserve.
§ 159G-34.5 - Grant types available from Viable Utility Reserve.
§ 159G-35 - Criteria for loans and grants.
§ 159G-36 - Limits on loans and grants.
§ 159G-38 - Environmental assessment and public hearing.
§ 159G-39 - Review of applications and award of loan or grant.
§ 159G-40 - Terms of loan and execution of loan documents.
§ 159G-41 - Withdrawal of loan or grant.
§ 159G-42 - Disbursement of loan or grant.
§ 159G-43 - Inspection of project.
§ 159G-45 - Assessment of local government units; assistance.