§ 113.9. Twenty percent requirement.
(a) The volunteer company shall be required to show that it has available 20% of the total cost of the facility, apparatus equipment or vehicle procurement or rehabilitation in unobligated funds at the time its initial application forms are submitted to the OSFC. The OSFC has the authority to confirm the existence of a volunteer company’s invested or unobligated funds at any time during the loan review process.
(b) If the volunteer company is unable to meet the 20% requirement of subsection (a), a political subdivision served by the volunteer company may pledge funds necessary to satisfy the 20% requirement and, if it does so, shall cosign the application submitted by the volunteer company and provide the OSFC with a copy of an ordinance adopted by the governing body of the political subdivision which guarantees the loan amount or authorizes the issuance of a general obligation note in the amount of the loan under the Local Government Unit Debt Act (53 P. S. § § 6780-1—6780-609). A copy of the ordinance and a copy of the Department of Community Affairs Certificate of Approval shall be provided to the OSFC at least 30 days prior to final settlement of the loan.
Source The provisions of this § 113.9 adopted December 23, 1982, effective December 24, 1982, 12 Pa.B. 4333; amended December 18, 1992, effective December 19, 1992, 22 Pa.B. 6019; corrected February 12, 1993, effective December 19, 1992, 23 Pa.B. 738. Immediately preceding text appears at serial page (175807).
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