Rule 111:3-3-04 | Repayment of loans.
(A) Counties shall lease from the secretary the equipment financed in part from the loan fund and shall be required to comply with any loan fund agreement or other agreement required under the applicable bond proceedings.
(B) All automatic tabulating equipment, marking devices, and voting machines purchased through the loan fund shall remain the property of the state, and the state shall retain title until all payments under the applicable county lease have been made. After final payment has been made, title shall transfer to the county.
(C) If the final cost of capital facilities is less expensive than the estimated total cost, then the loan fund must be reimbursed for its contributions that exceed the agreed upon percentage from the loan fund. A county has thirty days to reimburse the loan fund if such an event occurs.
(D) Repayment of the loan shall be made by equal monthly, quarterly, semi-annual, or annual payments not to exceed a period of five years. The payment schedule shall be agreed on by the county and the secretary before the funding request is approved. If a county wishes to change the agreed upon payment schedule, then the secretary must approve the new payment schedule before it becomes effective.
(E) Interest shall not accrue on loans made to counties from the loan fund.
(F) Costs associated with the maintenance, repair, and operation of the automatic tabulating equipment, marking devices, and voting machines purchased shall be the responsibility of the participating board of elections and boards of county commissioners.
(G) No board of county commissioners may apply for and receive a loan if that county currently has an outstanding loan from the loan fund that is in default.
Last updated March 28, 2022 at 4:05 PM
Supplemental Information