Sec. 6. (a) The authority shall authorize the making of a loan or providing other financial assistance to a participant under this chapter subject to the following:
(1) An application for the loan or other financial assistance to undertake an eligible activity has been submitted by the participant to the authority in the manner and form that the authority directs. The application must state the following:
(A) The need for the requested eligible activity and the need for the loan or other financial assistance for undertaking the requested eligible activity.
(B) A detailed description of the requested eligible activity.
(C) An engineering estimate of the cost of the requested eligible activity.
(D) The amount of the loan or other financial assistance considered to be needed.
(E) Other information that is requested by the authority.
(2) By entering into a financial assistance agreement, the authority determines that the eligible activity for which the approved assistance is provided will preserve, protect, or benefit the health, safety, and general welfare of the inhabitants of the participant's jurisdiction and the citizens of the state.
(3) The participant agrees and furnishes assurance, satisfactory to the authority, that after completion, the participant will operate and maintain the eligible activity receiving approved assistance.
(b) This chapter does not require the authority to provide a loan or other financial assistance to any participant to the extent it determines that providing the loan or other financial assistance is not in the best interests of the flood control program and the authority.
As added by P.L.189-2018, SEC.25.
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