Sec. 05.09.01.04. Eligible Participants

Latest version.

A local government is eligible to participate in the program provided it:

A. Possesses the legal capacity and all necessary legal authority to incur the obligations of the loan;

B. Submits an application to the Department which identifies how the local government will construct, operate, and maintain the project;

C. Is eligible to receive State payments in amounts satisfactory to the Administration, taking into consideration the amount of the loan;

D. Needs to finance or refinance the acquisition, construction, or rehabilitation of a project; and

E. Is acceptable to any entity which may be engaged to enhance the credit for a bond financing.

                    
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