TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT
CHAPTER I: DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY
PART 110 STATE ADMINISTRATION OF THE FEDERAL COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM FOR SMALL CITIES
SECTION 110.310 DISBURSEMENT OF REVOLVING FUNDS
Section 110.310 Disbursement of Revolving Funds
RF administrators shall keep records showing that the invoices or other evidence of the actual costs of the recipient's expenses were verified prior to the disbursement of RF. Grantees shall also assure that their disbursements are only for items approved under the agreement with the recipient. No RF drawdown may occur until the closing date has occurred and documentation exists to release RF to the recipient. The grantee may disburse funds to a financial intermediary that will close the Financial Assistance Agreement with the recipient for appropriate disbursement upon or after closing.
(Source: Amended at 28 Ill. Reg. 13468, effective September 23, 2004)