Rd instruction 1942-a table of Contents




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6

(Revision 6)


RD Instruction 1942-A

§ 1942.2(e) (Con.)

executive establishments of the Federal Government may participate and provide financial and technical assistance jointly with Rural Development to any applicant to whom Rural Development is providing assistance. The amount of participation by the other department, agency, or executive establishment shall only be limited by its authorities except that any limitation on joint participation itself is superseded by Section 125 of PL 95-334 (Section 347, Consolidated Farm and Rural Development Act, as amended).
§ 1942.3 Preparation of appraisal reports.
When the loan approval official requires an appraisal, Form RD 442-10, "Appraisal Report - Water and Waste Disposal Systems," may be used with appropriate supplements. Form RD 442-10 may be modified as appropriate or other appropriate format may be used for facilities other than water and waste disposal. Appraisal reports prepared for use in connection with the purchase of existing essential community facilities or when required by
§ 1942.17(g)(2)(iii)(8)(2), (9)(3)(iii)(B)(2), and (j)(4) of this subpart, may be prepared by the RD engineer/architect or, if desired by the State Director or other qualified appraiser. The loan approving official may require an applicant to provide an appraisal prepared by an independent qualified appraisers however, the loan approving official must determine that the appraised value shown in such reports reflects the present market value. (Revised 3-1-88, SPECIAL PN.)
§ 1942.4 Borrower contracts.
The State Director will, with assistance as necessary by the Office of the General Counsel (OGC), concur in agreements between borrowers and third parties such as contracts for professional and technical services and contracts for the purchase of water or treatment of waste. State Directors are expected to work closely with representatives or engineering and architectural societies, bar associations, commercial lenders, accountant associations, and others in developing standard forms of agreements, where needed, and other such matters in order to expedite application processing, minimize referrals to OGC, and resolve problems which may arise.
§ 1942.5 Application review and approval.
(a) Procedures for review. Ordinarily the Rural Development staff review will proceed as applications are being developed. An overall review of the applicant's financial status, including a review of all assets and liabilities, will be a part of the docket review process by the staff and approval officials. The engineering/architect reports and association data are to be reviewed by the Rural Development staff engineer or architect, as appropriate, as soon as available but prior to

7

(Revision 5)


(2-6-85) PN 956

RD Instruction 1942-A

§ 1942.5(a) (Con.)

the Rural Development Manager's completion of the Project Summary. During the review, the Rural Development Manager, in all cases, will make certain that no low-income or minority community within the service area has been omitted or discouraged from participating in the proposed project. The Rural Development Manager will also determine how the service area was defined to ensure that gerrymandering of specific communities or areas has not occurred. The findings should be documented in the running record. Prior to presenting the assembled application to the approval official, the assembled application ordinarily will be processed in the following sequence:


(1) The Rural Development Manager will complete the automated Community Facilities Project Summary, including written analysis and recommendations and will prepare a draft Letter of Conditions listing all the requirements that the applicant must agree to meet within a specific time. (Revised 03-19-03, PN 357.)
(i) Requirements listed in the Letter of Conditions will include the following, unless inappropriate due to the particular type of funding or entity involved: Maximum amount of loan and/or grant that may be considered; scheduling of payments; term of loan and any deferment of principal that may be allowed; reserve requirements; compliance with Section 504 of the Rehabilitation Act of 1973; number of users (members) and verification required; contributions; rates and charges; interim financing; disbursement of funds; security requirements; graduation requirements; debt collection policies through the execution of Form RD 1910-11, "Application Certification, Federal Collection Policies for Consumer or Commercial Debts"; organization; business operations; insurance and bonding (including applicant/borrower and contractor); construction contract documents and bidding requirements; accounts; records; audit reports required (including requirements of OMB Circulars A-128 and A-110); adoption of Form RD 1942-47, "Loan Resolution (Public Bodies)," for public bodies or Form RD 1942-9, "Loan Resolution (Security Agreement)," for other than public bodies; closing instructions; and any other requirements. (Revised 8-11-89, SPECIAL PN.)
(ii) Each Letter of Conditions will contain the following paragraphs: (Revised 1-31-85, SPECIAL PN.)
This letter establishes conditions that must be understood and agreed to by you before further


8

(Revision 5)


RD Instruction 1942-A

§ 1942.5(a)(1)(ii) (Con.)

consideration may be given to the application. Any changes in project cost, source of funds, scope of services, or any other significant changes in the project or applicant must be reported and approved by written amendment to this letter. Any changes not approved by the Agency shall be cause for discontinuing processing of the application.
This letter is not to be considered as loan approval or as representation to the availability of funds. The docket may be completed on the basis of a loan not to exceed $___________.
If (insert agency name) makes the loan, you may make a written request that the interest rate be the lower of the rate in effect at the time of loan approval or the time of loan closing. If you do not request the lower of the two interest rates, the interest rate charged will be the rate in effect at the time of loan approval. The loan will be considered approved on the date a signed copy of Form RD 1940-1, "Request for Obligation of Funds," is mailed to you. If you want the lower of the two rates, your written request should be submitted to the Agency as soon as practical. In order to avoid possible delays in loan closing, such a request should ordinarily be submitted at least 30 calendar days before loan closing.
Please complete and return the attached Form RD 1942-46, “Letter of Intent to Meet Conditions,” if you desire further consideration be given to your application. (Revised 11-08-89, PN 121.)
(iii) Rural Development Managers may add the following:
If the conditions set forth in this letter are not met within _________ days from the date hereof, Rural Development reserves the right to discontinue the processing of the application.
(2) The State staff engineer or architect, as appropriate, will include a written analysis and recommendations on the automated Community Facilities Project Summary. (Revised 03-19-03, PN 357.)


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