[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: 13CFR308.1]

[Page 633]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 308_PERFORMANCE INCENTIVES--Table of Contents
 
Sec.  308.1  Use of funds in Projects constructed under projected cost.

    (a) If the Assistant Secretary determines before closeout of a 
construction Project funded under parts 305 or 307 of this chapter that 
the cost of the Project, based on the designs and specifications that 
were the basis of the Investment Assistance, has decreased because of a 
decrease in costs, EDA may in its discretion approve the use of the 
excess funds (or a portion of the excess funds) by the Recipient to:
    (1) Increase the Investment Rate of the Project to the maximum 
percentage allowable under Sec.  301.4 of this chapter for which the 
Project was eligible at the time of the Investment award; or
    (2) Further improve the Project consistent with its purpose.
    (b) EDA, in its sole discretion, may use any amount of excess funds 
remaining after application of paragraph (a) of this section for other 
eligible Investments.
    (c) In the case of Projects involving funds transferred from other 
Federal Agencies, EDA will consult with the transferring Agency 
regarding the use of any excess funds.