Rd instruction 1942-a table of Contents

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(Revision 5)

RD Instruction 1942-A

§ 1942.5(d) (Con.)

(2) If approval was concurred in by the National Office, a copy of the concurring memorandum will be attached to the original of Form RD 1940-1.
(3) The State Director or designee will request an obligation of loan and/or grant funds via the automated system after signing
Form RD 1940-1. The requesting official will furnish security identification as necessary. The requesting official will record the date, time of request, and their initials on the original Form RD 1940-1. (Revised 03-19-03, PN 357.)
(4) The obligation date and the date the applicant is notified of the loan and/or grant approval is 6 working days from the date funds are reserved unless an exception is granted by the National Office. (Revised and Renumbered 03-01-88, SPECIAL PN.)
(5) Immediately after verifying that funds have been reserved, utilizing the Rural Development field office terminal system status inquiry function, the State Director or designee will notify, by telephone, the Legislative and Public Affairs Staff in the National Office as required by RD Instruction 2015-C. (Revised 03-19-03,
PN 357.)
(6) Loan approval and applicant notification will be accomplished by the State Director or designee by mailing to the applicant on the obligation date a copy of Form RD 1940-1 which has been previously signed by the applicant and loan approval official. The date the applicant is notified is also the date interest rate at loan approval is established. The State Director or designee will record the date of applicant notification and the interest rate in effect at the time on the original of Form RD 1940-1 and include it as a permanent part of the District Office project file with a copy placed in the Stare Office file. (Revised and Renumbered 3-1-88, SPECIAL PN.)


(Revision 1)

(02-06-85) PN 956

RD Instruction 1942-A

§ 1942.5(d) (Con.)

(7) If a transfer of obligation of funds is necessary, complete Form RD 450-10, "Advice of Borrower's Change of Address, Name, Case Number, or Loan Number," and process via the Rural Development field office terminal system. An obligation of funds established for and applicant may be transferred to a different (substituted) applicant provided:

(i) The substituted applicant is eligible to receive the assistance approved for the original applicant;
(ii) The substituted applicant bears a close and genuine relationship to the original applicant (such as two organizations that are controlled by the same individuals); and
(iii) The need for and scope of the project and the purpose(s) for which Rural Development funds will be used remain substantially unchanged. (Added 3-1-88, SPECIAL PN.)
1942.6 Preparation for loan closing
(a) Obtaining closing instructions. Completed dockets will be reviewed by the State Director. The information required by OGC will be transmitted to OGC with a request for closing instructions. Upon receipt of the closing instructions from OGC, the State Director will forward them along with any appropriate instructions co the District Director. Upon receipt of closing instructions, the District Director will discuss with the applicant and its architect or engineer, attorney, and other appropriate representatives, the requirements contained therein and any actions necessary to proceed with closing.
(b) Verification of users and other funds.
(1) In connection with a loan for a utility type project to be secured by a pledge of user fees or revenues, the District Director will authenticate the number of users prior to loan closing or the commencement of construction, whichever occurs first. Such individual will review each signed user agreement and check evidence of cash contributions. If during the renew any indication is received that all signed users may not connect to the system, there will be such additional investigation made as deemed necessary to determine the number of users who will connect to the system. The District Director will record the determination in memorandum to the State Director.


(Revision 4)

(2-6-85) PN 956

RD Instruction 1942-A

§ 1942.6(b)(1) (Con.)

(2) In all cases the availability and amount of other funds to be used in the project will be verified by Rural Development.
(c) Initial compliance review. An initial compliance review should be completed under Subpart E of Part 1901 of this chapter.
(d) Ordering loan checks. Checks will not be ordered until:
(Revised 7-12-88, PN 89.)
(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 subsequents thereto; and
(2) The applicant is ready to start construction or funds are needed to pay interim financing obligations.
(e) Multiple advances of Rural Development funds. When Rural Development provides loan funds during the construction period using interim (temporary) instruments described in § 1942.19(g) of this subpart, the following action will be taken prior to the issuance of the permanent instruments:
(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 instrument 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 permanent instruments and the cash collection will be forwarded to the Finance Office immediately, except that for promissory notes and single instrument bonds fully registered as to principal and interest the original will be retained in the District Office and a copy will be forwarded to the Finance Office. In developing the permanent instruments, the sequence of preference set out in
§ 1942.19(e) of this subpart will be followed. (Revised 8-10-88,
PN 92.)

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