Loan Close-Out

When the Borrower nears final loan disbursement:
       IFA notifies SRF AA to send a final payment letter to Borrower to request the following information:
o   Contractor’s Final Pay Application
o   Written Notice of Works in Operation (enclose form – fill in SRF Loan Number, Loan Recipient, Project Description from permit, and DNR Permit #)
o   Engineer’s Certification of Project Completion
o   City’s resolution or certification from the engineer of project completion signed by the City
o   Final change orders that have not been previously approved by the Department
o   Final DBE reports (enclose form)
When SRF AA receives the requested information:
       Enters Works in Operation date into W/Wisard and places in SRF file.
       Checks the Contractor’s Final Pay Application to determine how many change orders were implemented. Checks SRF file to see if all change orders have been received and approved. If not, requests from Consultant any outstanding change orders.
       Forwards change orders to DNR Project Manager for approval.
       Forwards final DBE reports to DNR Grant Manager for reporting to EPA.
When SRF AA has received all required documents:
       DWSRF: Informs DNR PM that a final inspection is needed. Scans all materials into PDF files and emails to IFA.
       CWSRF: Notifies DNR Project Manager and WES AA. WES AA generates the Final Inspection Form and provides to DNR PM. DNR PM conducts final inspection. WES AA enters final inspection date into W/Wisard and completes final inspection form. WES AA sends final inspection form to SRF AA who scans the form and all final documentation into a PDF file and uploads it into W/Wisard. SRF AA notifies IFA that the final inspection process has been completed.
When the final inspection and final documentation process has been completed, IFA:
       Sends final disbursement to Borrower.
       Sends final loan certificate and final debt service schedule. 
       Receives final loan certificate signed by Borrower.