Revolving loan fund maintenance.

CFR · 2024-01-01 · US · Title 7

As long as any part of the DWS grant remains available for lending, and loans made from the revolving loan fund have an outstanding balance due, the grant recipient must maintain the revolving loan fund for the purposes set forth in § 1776.13. (a) All DWS grant funds received by a grant recipient must be deposited into the revolving loan fund. (b) The grant recipient may transfer additional assets into the revolving loan fund. (c) All cash and other assets of the revolving loan fund shall be deposited in a separate bank account or accounts. (d) No cash or other assets of any other fund maintained by the grant recipient shall be commingled with the cash and other assets of the revolving loan fund. (e) All moneys deposited in such bank account or accounts shall be money of the revolving loan fund. (f) Loans to loan recipients are advanced from the revolving loan fund. (g) The revolving loan fund will consist of receivables created by making loans, the grant recipient's security interest in collateral pledged by loan recipients, collections on the receivables, interest, fees, and any other income or assets derived from the operation of the revolving loan fund. (h) The portion of the revolving loan fund that consists of DWS grant funds, on a last-in-first-out basis, may be used for only those purposes set forth in this part. (i) The grant recipient must submit an annual budget of proposed administrative costs for RUS approval. The amount removed from the revolving loan fund for a

official document · source cfr-2024 · id 7:§ 1776.17