After my project receives a Project Approval Certificate (PAC) from the Massachusetts Department of Environmental Protection, what else is required before I can draw interim funding for my project?
After a project receives a PAC, DEP submits this document to the Trust. At a meeting of the Board of Trustees, the Trust votes to approve a loan commitment for the project, and three copies of these documents, including copies of the PAC are mailed to the borrower. Following execution of the loan commitment documents by the borrower (and their return to the Trust, including a legal opinion from the borrower’s counsel -“green light letter”), the next step is for DEP to issue a Project Regulatory Agreement (PRA). DEP issues a PRA following the solicitation of bids and the award of a contract by the community for construction of the project. DEP submits the PRA to the Trust. At a meeting of the Board of Trustees, the Trust votes to approve a loan to the community for the project. The Trust then mails a loan agreement package to the borrower for execution. If the borrower desires interim funding from the Trust, this documentation (included in the loan agreement package) must be completed a
After a project receives a PAC, DEP submits this document to the Trust. At a meeting of the Board of Trustees, the Trust votes to approve a loan commitment for the project, a copy of the commitment is executed by the Executive Director and transmitted to the borrower along with a loan questionnaire. Following the transmittal of the loan commitment document to the borrower, the completed questionnaire must be returned to the Trust. Additionally, a legal opinion from the borrower’s counsel –”green light letter” must be submitted by counsel. The next step is for DEP to issue a Project Regulatory Agreement (PRA). DEP issues a PRA following the solicitation of bids and the award of a contract by the community for construction of the project. DEP submits the PRA to the Trust. At a meeting of the Board of Trustees, the Trust votes to approve a loan to the community for the project. The Trust then mails a loan agreement package to the borrower for execution. If the borrower desires interim fun
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