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(1) Each recipient of a loan or grant must provide the council with the following reports:

(a) semiannual reports due on July 31 and January 31 of each year in which a loan or grant is active; and

(b) a final report due within 30 days of completion of the project.

(2) Each report shall describe, at a minimum:

(a) project objectives achieved;

(b) expenditures of grant and/or loan funds;

(c) receipt of matching funds;

(d) economic impact of the project;

(e) projected future activities; and

(f) other information deemed necessary by the council or department to adequately monitor or administer the project.

(3) The department shall monitor the reports for compliance with rules, statutes, and contracts, and report any issues of noncompliance to the council at the second and fourth quarterly meeting of each fiscal year.

(4) If the council determines after review of the department report that a loan or grant requires additional monitoring, it shall direct the department to gather necessary information and report back to the council at the next regularly scheduled meeting.

(5) The council may, at a loan or grant recipient's request, defer or forgive a loan and any accrued interest if the council determines that such action is in the best interest of the recipient, does not conflict with the purposes of the Act, and will not jeopardize the financial integrity of the growth through agriculture program.

(6) The council will not consider a request to defer or forgive a loan and any accrued interest unless the request is received prior to six months after the recipient is first notified by the department that the recipient has missed an obligation under the loan or grant contract.

History: 90-9-203, MCA; IMP, 90-9-202, 90-9-203, MCA; NEW, 2016 MAR p. 1254, Eff. 7/23/16.

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