41-2255. Project application and prioritization

A. The authority shall:

1. Establish an application form for technical and financial assistance.

2. Establish a procedure to review and approve or disapprove on its merits each administratively complete application for technical and financial assistance.

3. Establish by rule criteria by which technical and financial assistance will be awarded. For financial assistance the criteria shall include a determination of the ability of the applicant to repay a loan according to its terms and other conditions established by this article.

4. Adopt rules to prioritize applications for technical and financial assistance.

5. Inform the applicant of the board's determination within ninety days after the application date established by the authority pursuant to paragraph 2 of this subsection.

B. The board shall:

1. Approve or disapprove applications for financial and technical assistance.

2. Determine the order and priority of projects assisted under this article based on the merits of the applications.

C. If the application is approved, the board may condition the approval on assurances the board deems necessary to ensure that the technical assistance or financial assistance will be used according to law and the terms of the application. The loan repayment agreement shall include any conditions concerning financial assistance deemed necessary by the board.

D. The authority shall only make financial assistance or short-term assistance available when the applicant is ready to proceed or, if the financial assistance is for refinancing outstanding bonds or other obligations, when the outstanding bonds or other obligations are to be refunded. The authority may provide technical assistance on an as needed basis. The authority may charge the applicant fees sufficient to cover the authority's costs related to the project.

E. A political subdivision, a special district or an Indian tribe may apply to the authority for financial assistance and may accept assistance in connection with an infrastructure project owned by the political subdivision, special district or Indian tribe. The existence of a current investment grade rating on existing debt of the applicant that is secured by the same revenues to be pledged to secure repayment under the loan repayment agreement may be accepted by the board as evidence regarding the ability of the applicant to repay a loan.

F. The authority shall only make financial assistance available upon a determination of the ability of the applicant to repay the financial assistance according to its terms and conditions.

G. Applications for financial assistance shall:

1. Be solicited annually, semiannually, quarterly or monthly as determined by the authority pursuant to subsection A, paragraph 2.

2. Be administratively complete before being reviewed by the authority.

3. Include documentation concerning the ability of the applicant to repay the financial assistance according to its terms and conditions.

4. Include a resolution from the governing body of the political subdivision, special district or Indian tribe that the project is in the best interests of the residents.

H. Applications for technical assistance shall:

1. Be solicited annually or semiannually as determined by the authority pursuant to subsection A, paragraph 2, except that an application for short-term assistance may be solicited at those times as the authority determines.

2. Be administratively complete before being reviewed by the authority.

3. Include a resolution from the governing body of the political subdivision, special district or Indian tribe that the project is in the best interests of the residents.