Disbursement of Loan Proceeds
Disbursement of loan proceeds is done on a reimbursement basis after the Facilities Engineering Division has received copies of paid invoices and certification of the Authorized Representative that the invoices have been paid. Please note that an Authorized Representative or an Alternate Authorized Representative are the ONLY persons to sign the Payment Request forms used for reimbursement of project costs. In his/her absence, a majority of the members of the legislative body may sign the Payment Request form, but in the permanent absence of the Authorized Representative another person must be appointed as soon as possible. We encourage the appointment of at least two Authorized Representatives (minimum) so that at least one Authorized Representative can be present at monthly project meetings to sign forms as needed. Many loan applicants appoint an Alternate Authorized Representative so as not to impede reimbursements.
- Add an Additional Authorized Representative Form
- Change in Authorized Representative Form
- Add an Alternate Authorized Representative Form
Municipal System Reimbursement (DWSRF & CWSRF)
24 V.S.A. § 4755. Loan; loan agreements
(b) Loans made to a municipality by the bond bank on behalf of the state under this chapter shall be evidenced by and made in accordance with the terms and conditions specified in a loan agreement to be executed by the bond bank on behalf of the state and the municipality. The loan agreement shall specify the terms and conditions of loan repayment by the municipality, as well as the terms, conditions and estimated schedule of disbursement of loan proceeds Disbursement of loan proceeds shall be based upon certification of the loan recipient showing that costs for which reimbursement is requested have been incurred and paid by the recipient. The recipient shall provide supporting evidence of payment upon the request of the department. Partial payments of loan proceeds shall be made not more frequently than monthly…
Private System Reimbursement (DWSRF Only)
24 V.S.A. § 4771. Conditions of loan agreement
(c) Disbursement of loan proceeds shall be based on certification by the loan recipient demonstrating that costs for which reimbursement is requested have been incurred and paid by the recipient. The recipient shall provide supporting evidence of payment upon the request of VEDA. Partial disbursements of loan proceeds shall be made not more frequently than monthly. Interim financing charges or short-term interest costs may constitute an allowable cost of a project for which a loan is extended, provided VEDA approved in advance the terms, conditions, interest rate and other related matters concerning such financing or interest cost. In the event short-term financing is unavailable to the applicant, VEDA may make interim loan disbursements not more frequently than monthly to the applicant and its general contractor as co-payees upon submission of a certified request for payment supported by actual invoices or other evidence satisfactory to VEDA of costs incurred.
Payment request forms
A Payment Request (PR) form is used with each submission of invoices for reimbursement. A Payment Request may be several pages long, i.e. PR #01 Page 1 of 6, etc. Invoices are needed for backup documentation to the Payment Request form. Only actual invoices submitted to this office will be reimbursed. Please begin the numbering sequence with #01. To be fair to all concerned, staff process Payment Requests in the order of receipt.
How to Submit Invoices for Payment
Invoices are needed for backup documentation to the payment request form. Here are some tips for dealing with invoices:
Only current charges for the billing period on the actual invoices submitted to this office will be reimbursed.
- Invoices must be paid in full by the applicant before submitting for reimbursement.
- Copies of invoices must be submitted with the payment request.
- Each invoice must be listed SEPARATELY.
- Statements, purchase orders, packing slips, etc. are NOT invoices, and will not be included in payment calculations.
- No reimbursement can be more for a “balance forward” or a “previous amount due”.
Verification of Payment
Verification of payment for the most recently processed reimbursement request must be made before the next payment request will be processed.
- Verification of payment must be provided for all costs submitted for reimbursement.
- This office requests canceled checks as that verification.
- Canceled checks do not need to accompany the invoice, but must be submitted with the next payment request before that request will be processed.
- Each canceled check copy must include both the front and the back of the check.
- If canceled check copies are not available, both a copy of the front side of the check before it is mailed and a copy of the bank statement showing the check has been processed by the bank are required.
Once a Payment Request form is received for processing, it can take up to 20 +/- days before the system will receive reimbursement. We do offer reimbursement by ACH deposit; to accomplish this you would have to supply this office with the appropriate checking account number, the bank routing number, and the name of the account.
Capitalization Grant Terms & Conditions
Once a disbursement has been completed, we will send you a formal approval notification. This notification will outline the approved disbursement amount, including a breakdown of federal monies received as well as which SRF capitalization grant the funds will be drawn from. Upon receipt of these funds, the applicant agrees to comply with the standard terms and conditions associated with the capitalization grant year. These grant conditions have been summarized below by grant year.
Still need help?
Here is a sample. (MS Excel)
If you have any questions please do not hesitate to contact our accounting staff. They will be more than happy to "walk you through the process". It really isn't as complicated as it sounds.