Code of Federal Regulations (Last Updated: November 8, 2024) |
Title 7 - Agriculture |
Subtitle B - Regulations of the Department of Agriculture |
Chapter XVIII - Rural Housing Service, Rural Business-Cooperative Service, Rural Utilities Service, and Farm Service Agency, Department of Agriculture |
SubChapter H - Program Regulations |
Part 1930 - General |
Subpart C - Management and Supervision of Multiple Family Housing Borrowers and Grant Recipients |
Exhibit B-9 to Subpart C of Part 1930 - Notice of Authorization To Withdraw and Use Reserve Funds
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To: Borrower Name, Borrower Address
Subject: Authorization to Withdraw and Use Reserve Account Funds
Project Name & Number
This letter authorizes the withdrawal of $__ from the subject reserve account to be used for ___ (describe uses)
. • The (This) amount of $__ is a capital replacement/improvement expenditure and repayment by increasing the reserve payment level is not required; however, the period of deposits are extended until the required deposit level is achieved.
• The (This) amount of $__ is an annual operating and maintenance expense and must be restored in the reserve account plus any required annual reserve payment before any return on investment can be authorized subsequent to this date. (During the second to fifth year of project operation, add this sentence if the initial operating capital has not yet been withdrawn, “This amount will be deducted from the initial operating capital to be withdrawn if said capital is being withdrawn during the current budget year, and this amount has not been restored to the reserve account.”)
• The (This) amount of $___ is an annual recurring type of expense and must be restored in the reserve account according to the terms and conditions contained in your special servicing work-out plan with Farmers Home Administration or its successor agency under Public Law 103-354.
(Add any additional discussion required.)
The correct level of funding of the project reserve account after this disbursement is (amount) as of (date).
/s/
Servicing Official
• Select appropriate paragraph(s).