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(2) The principal amount shall be the initial uncancelled principal plus connected fascination less any payments built.
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(i) The quantity of projected income loss additionally the projected unreimbursed catastrophe-relevant expenditures of the municipal working character for your fiscal 12 months of the main catastrophe and the next three fiscal a long time, or
The Assistant Administrator for that Catastrophe Assistance Directorate shall cancel repayment of all or Portion of a Local community Catastrophe Loan into the extent that he/she establishes that revenues of your nearby authorities in the course of the three fiscal yrs next the catastrophe are insufficient to meet the working price range of that community government because of catastrophe-similar earnings losses and extra unreimbursed disaster-associated municipal operating fees.
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(ii) If the catastrophe induced a revenue lack of over 5 per cent of full revenue approximated to the fiscal 12 months by which the catastrophe occurred or for that succeeding fiscal calendar year;
The neighborhood authorities shall utilize the loaned cash to carry on current local government capabilities of the municipal operation character or to expand this sort of features to fulfill disaster-related desires.
(one) Each local authorities by having an accepted Special Neighborhood Disaster Loan shall set up important accounting documents, in keeping with nearby government's economic management procedure, to account for loan cash been given and disbursed and to deliver an audit path.
(5) Any expenditures incurred with the Federal Federal government in collecting the Take note shall be extra on the unpaid balance from the loan, bear desire at the exact same level as being the loan, and be straight away because of with out demand from customers.
(one) The regional government shall submit an software to get a Local community Disaster Loan throughout read more the GAR. The loan must be justified on The idea of have to have and shall be depending on the particular and projected expenses, because of the catastrophe, with the fiscal year through which the catastrophe happened and for your 3 succeeding fiscal yrs.