The executive director and staff shall evaluate loan applications for projects certified by the department. Loan applications must provide sufficient information to allow the authority to make an informed determination about whether:
The transportation committee shall approve a loan application unless it is rejected for one or more of the following reasons:
failure of the applicant to collateralize the loan to the extent required in part 7380.0735, subpart 3;
failure to develop a dedicated source of revenue sufficient to ensure timely repayment of the loan; or
When the applicant is ready to proceed with a project for which a loan application has been approved by the transportation committee, the executive director shall prepare a loan agreement.
MS s 446A.085
23 SR 1353
August 21, 2007
Official Publication of the State of Minnesota
Revisor of Statutes