Section 76.92. Schedule of disbursements

(a) The Department will establish in the loan agreement the loan disbursement schedule for a development project and in the grant agreement the disbursement schedule for a demonstration project upon its determination that the approved applicant has met the requirements of eligibility for loan or eligibility for grant, or both, whichever the case may be. The disbursement schedule shall include monthly progress payments or a longer period that may be established in the construction contract.

(b) The Department will release each scheduled disbursement after review and approval of ‘‘Schedule A—Statement of Revenues, Expenditures, and Encumbrances,’’ as submitted by the development agency.

The provisions of this § 76.92 adopted January 30, 1976, effective February 16, 1976, 6 Pa.B. 157.