Preparation for loan closing.

CFR · 2024-01-01 · US · Title 7

(a) (b) (2) In all cases the availability and amounts of other funds to be used in the project will be verified by Rural Development. (c) (d) (1) The applicant has complied with approval conditions and closing instructions, except for those actions which are to be completed on the date of loan closing or subsequent thereto; and (2) The applicant is ready to start construction or funds are needed to pay interim financing obligations. (e) (1) The Finance Office will be notified of the anticipated date for retirement of the interim instruments and issuance of permanent instruments of debt. (2) The Finance Office will prepare a statement of account including accrued interest through the proposed date of retirement and also show the daily interest accrual. The statement of account and the interim financing instruments will be forwarded to the District Director. (3) The District Director will collect interest through the actual date of the retirement and obtain the permanent instrument(s) of debt in exchange for the interim financing instruments. The

official document · source cfr-2024 · id 7:§ 1942.6