Mississippi Administrative Code › Title 6 - Economic Development › Part 4 - Community Services › Chapter 3 - Amended Local Governments Capital Improvements Revolving Loan Program (CAP) › Rule 6-4-3.6 - Application Requirements

Current through June 25, 2024
A. A certified copy
				of the Resolution of Intent from the Applicant must be submitted. (All
				Applicants must use the Public Notice Form provided by MDA.)
B. In order for MDA to consider eligibility
				for a CAP loan, the Financial Analysis Worksheet must be completed, signed and
				the original signed copy submitted in advance or along with the
				application.
C. A letter on
				official letterhead from the Applicant's certified public accountant, auditor
				or fiscal officer verifying that the Applicant's financials reflect the ability
				to repay the CAP loan. This verification must include the source of repayment
				(i.e., surcharge or other verifiable means of repayment).
D. Certified Proof of Publication of the
				required Public Notice of the Applicant to enter into a Loan Agreement with MDA
				for CAP funds. The Resolution must be published once a week for at least four
				(4) consecutive weeks in a newspaper having general circulation in the county.
				The public hearing should take place after the date of the final publication.
				The Resolution must have been published within the last 6 months prior to
				submittal of the loan application.
E. Once the publication process is complete,
				a certified copy of the minutes of the Applicant showing their decision to
				proceed with the loan.
F. If
				applicable, written verification that the Applicant has consulted with the
				Public Service Commission regarding water and wastewater projects.
G. Fire Protection loans must be made to
				enhance structural firefighting capabilities. Loans for fire trucks must
				provide proof that the National Fire Protection Association standards are/will
				be met.
H. If applicable, official
				certification of preliminary project plans and specifications from the project
				engineer and the operating railroad indicating that the project meets American
				Railway Engineering and Maintenance-of way Association ("AREMA") and Federal
				Railroad Administration ("FRA") standards and other necessary compliance
				requirements.
I. If applicable, an
				appraisal and two review appraisals, must be conducted no more than three
				months prior to loan closing, on buildings and associated land to be
				purchased.
J. Maps reflecting the
				project location as well as detailing of the improvements.
K. Cost verifications must be on engineers'
				or architects' original letterhead, signed and sealed by the firm's
				representative.
L. Budget Sheet
				breakdown of sources and uses of funds.
M. The Applicant's certified public
				accountant, auditor or fiscal officer must furnish to MDA the most current
				annual audit and the latest financial summary reflecting any additional
				long-term debt or any changes in their financial position since the last annual
				audit was prepared.
N. If two
				separate local units of government jointly fund a project, the Applicants must
				have an inter-local agreement with the Attorney General's approval.
O. If applicable, the Applicant must provide
				an award letter or documentation verifying other funding sources.
Miss. Code Ann
				  §
										57-1-301
				  et seq (Rev. 2014).