Sec.10-287c-5. Payment of school construction grants (Reference: Section 10-287a)

Grant payments pursuant to Section 10-287a shall be made as follows:

(a) With respect to a project which has been completed, it shall be made forthwith upon a determination by the Commissioner of Education of the project costs, and, if the grant is made in part to meet site acquisition costs, of the site acquisition costs.

(b) Advances against a grant with respect to a project not completed may be made at such time or times as the Commissioner of Education shall determine but in no event at earlier times or in greater amounts than as follows: (1) thirty percent of the estimated grant amount when thirty percent of the project construction has been completed; (2) thirty percent of the estimated grant amount when sixty percent of the project construction has been completed; and (3) thirty percent of the estimated grant amount when ninety percent of the project construction has been completed.

(c) The final installment of the grant shall be paid when the project has been completed and the Commissioner of Education has determined the final project costs, and, if the grant is in part to meet site acquisition costs, the final site acquisition costs.

(d) All grant payments shall be applied promptly toward project costs or toward repayment of temporary notes as the same become due and payable.

(e) If an examination and audit discloses that an overpayment of a grant has been made to the applicant, the amount of such overpayment shall be repaid forthwith.

(Effective August 25, 1989; Amended October 26, 2012)