North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 11 - UTILITIES COMMISSION › Chapter 6 › Article 6 - INSPECTIONS AND TESTS › Section 11 R06-92 - DISBURSEMENTS AND FINAL ACCOUNTING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Monies
				  from bond funds shall be disbursed only to an eligible recipient awarded the
				  right to use bond funds and only as ordered by the Commission. All
				  disbursements shall be used solely for the specific project for which they were
				  approved. A project for which bond funding has been approved must be
				  constructed as proposed unless the eligible recipient awarded the bond funding
				  petitions the Commission to make modifications to the project and the
				  Commission finds that the public interest requires that modifications be
				  made.
(b) Disbursements shall be in
				  the form of reimbursements for actual amounts paid by an eligible recipient
				  awarded the right to use bond funds for an approved project. Eligible
				  recipients awarded the right to use bond funds shall submit requests for
				  reimbursement not more often than once a month. Such requests shall specify the
				  work performed on and the materials and equipment delivered to the approved
				  project during the period covered by the request for reimbursement and shall be
				  accompanied by the Project Status Report described in Commission Rule R6-93.
				  Requests also shall contain a certification that the amounts sought by the
				  eligible recipient awarded the right to use bond funds have been paid for work
				  completed on and materials and equipment provided to the approved project. The
				  maximum amount of each reimbursement shall be 75% of total expenditures during
				  the period covered by the request. Cumulative reimbursements for an approved
				  project shall never exceed the approved negative NPV.
(c) If the request for disbursement complies
				  with these Rules and the Commission order approving the use of bond funds, the
				  request shall not be subject to any further proceedings or orders and shall be
				  paid as promptly as possible. If the request is not in compliance or if the
				  request raises issues of material fact as to whether such a disbursement is
				  appropriate, the Commission shall set the matter for hearing or otherwise
				  resolve any issues as to the appropriateness of the disbursement.
(d) Within three years from the date of a
				  final Commission order approving a project and use of bond funds, the recipient
				  shall file a final accounting showing the actual expenditures to date,
				  disbursements to date, the negative NPV determined by the Commission, and the
				  balance of funds requested to be disbursed, if any. This information shall be
				  provided in formats approved by the Commission. Unless the Commission
				  specifically finds that good cause has been shown, no disbursement will be
				  approved after the final accounting is approved by the Commission. If the total
				  amount of the approved negative NPV has not been disbursed by the time the
				  final accounting is approved, the Commission shall, upon motion byrecipient
				  awarded the right to use bond funds and notice to all parties, approve a
				  further disbursement up to the lesser of the approved negative NPV or the
				  actual expenditures to date.
NCUC Docket No. G-100,
					 Sub 75, 03/08/99.