Administrative Rules of Montana › Department 18 - TRANSPORTATION › Chapter 18.13 - BOARD OF AERONAUTICS › Subchapter 18.13.4 - Aeronautical Grant and Loan Program › Rule 18.13.404 - GENERAL TERMS AND CONDITIONS

Current through Register Vol. 13, July 5, 2024
(1) All grant
				or loan monies awarded under this program must be utilized specifically for
				aviation or aeronautically related projects. The proposed projects must be
				detailed in an application submitted by a public sponsor, on a form provided by
				the board. The applicant is responsible for retaining and providing
				documentation to ensure all monies received under the program are spent as
				applied for within the application.
(2) Applicants may submit one application
				only for each eligible public sponsor. A single sponsor may apply for funding
				for multiple aeronautically related projects or for multiple separate
				categories of work within a project by listing separate line items for which a
				grant or loan is sought. Retroactive projects which have been completed before
				the date of application are also eligible for grants or loans. Separate
				projects or categories of work on each application shall be evaluated,
				reviewed, and selected for award individually, according to the board's
				priority process under ARM
				18.13.406.
(3) Changes by the applicant to
				application information may be made at any time up to and including the date of
				the board's annual grant and loan review meeting, if the changes meet all
				original application requirements. Changes may include, but are not limited to:
				cost estimates, change in sponsor priorities of separate line-item categories
				of work, and other changes as allowed by the board. New projects or new
				categories of work which did not appear on the original application will not be
				considered by the board. Applications may be withdrawn by an applicant at any
				time.
(4) Grants may be awarded for
				up to and including 100% of an applicant's share of total project cost
				regardless of assistance from federal sources.
(5) Loans may be provided for up to and
				including 100% of an applicant's share of total project cost regardless of
				assistance from federal sources.
(6) Loans will be provided for a period of
				ten years and amortized using the fixed principal method. Interest repayment
				rates for loans are one half of federal prime lending rate of the first week of
				January of the preceding fiscal year for which the loan is provided. Interest
				will be compounded annually. Repayments are made annually and are due in full,
				or prorated as necessary, by the last day of February of each year. Successful
				applicants have the option of paying off their loans in full at any time after
				payment of award without additional interest or penalty.
(7) Grant and loan recipients must follow the
				board's close-out procedure under ARM
				18.13.407
				at the conclusion of the eligible project or category of work approved by the
				board. A recipient of a grant or loan must retain all records of transactions
				and disbursements of grant or loan monies for a period of three years after
				completion of the project for which the grant or loan was awarded. By accepting
				a grant or loan, a recipient agrees that upon reasonable notice, the state of
				Montana may audit the records supporting the acquisition and disbursement of
				the grant or loan monies.
AUTH:
					 67-2-102,
					 MCA; IMP:
					 67-1-301,
					 67-1-304,
					 67-1-306,
					 67-1-307,
					 [Chapter 455, Section 2, L. 2019], MCA