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advisory Committee, adopt uniform vrocedures for the award, disbursement and <br />repayment of grants and loans, The uniform procedures shall include provisions <br />for part cipation by the advisory committee in the review of applications for <br />grants and loans, and for ensuring satisfactory and timely completion of protects, <br />services or activities for which grants are awarded. <br />Subd, 3, Applications for grants and loans shall be submitted to the <br />council describing the activities for which the grant or loan funds will be used; <br />the persons which the grantee or borrower plans to use in performing the grant <br />contract; services and activities which will be paid for by funds of the grantee or <br />borrower; the grantee or borrower's need and ability to pay for the contract <br />services; and other information as the council may reasonably request, Grants <br />and loans shall be made subiect to contracts between the council and the <br />recipient specifying the use and disbursement of the funds and, for loans, the • <br />terms and conditions of repayment, and other appropriate matters. <br />Subd, 4, The total amount of money which may be awarded by any grant <br />shall not exceed 75 percent of the total costs and expenses of the prc1ect, <br />service or activity for which the grant is awarded. Grant n yards shall he based on <br />the recipient's demonstrated need and available financial resources. <br />Suhd, 5, [LOAN TERMS.] Loans made n.v the council shall carry an <br />interest rate not to exceed five percent per annum. and :` :ail be payable on terms <br />and conditions as the council determines appropriate. loan shall be for a <br />term in excess of five years. Funds received in payment of_oans shall 'ce credited <br />to the planning assistance fund and shall be used for add rtiona1 loans ;:r cants <br />under this section. <br />Sec. 14. [EXTENSION.] A local governmental uni t may <br />by resolution request that the council extend the tin <br />:eats <br />of this act. A request for extension shall be accompanied by a <br />of the <br />activities oreviousiy undertaken by a local governmental unit <br />ict in <br />fulfillment of the requirements of sections 1 to 13, :. <br />necessitating and justifying the request. Upon a i_r•:3ir <br />o :net <br />circumstances or undue hardship, the council mav, <br />