[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR305.9]

[Page 619]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 305_PUBLIC WORKS AND ECONOMIC DEVELOPMENT INVESTMENTS--Table of Contents
 
              Subpart B_Requirements for Approved Projects
 
Sec.  305.9  Project phasing and Investment disbursement.

    (a) EDA may authorize in advance the award of construction contracts 
in phases, provided the Recipient submits a request that includes each 
of the following:
    (1) Valid reasons justifying why the Project must be phased;
    (2) Description of the specific elements to be completed in each 
phase;
    (3) Detailed construction cost estimates for each phase;
    (4) Time schedules for completing all phases of the Project;
    (5) Certification that the Recipient can and will fund any 
overrun(s); and
    (6) Certification that the Recipient is capable of paying incurred 
costs prior to the first disbursement of EDA funds.
    (b) EDA will begin disbursement of funds after receipt of evidence 
sufficient to EDA of compliance with all Investment award conditions. 
EDA may approve the disbursement of funds prior to the tender of all 
construction contracts if the Recipient can demonstrate to EDA's 
satisfaction that a severe financial hardship will result without such 
approval.