Oklahoma Administrative Code › Title 785 - Oklahoma Water Resources Board › Chapter 50 - Financial Assistance › Subchapter 9 - Clean Water State Revolving Fund Regulations › Part 3 - GENERAL PROGRAM REQUIREMENTS › Section 785:50-9-33 - Application for financial assistance

Current through Vol. 41, No. 20, July 1, 2024
(a)
Application filing.
An application shall be filed with the
											  Board. The information required on all applications for financial assistance must meet the requirements of
											  the Board presented to the applicant and must be on the project priority list and included on the current
											  year Intended Use Plan. A copy of the adopted generating program necessary to meet local debt service
											  requirement will be submitted with the application.
(b)
Action on application.
(1) After an application is filed as
											  provided in (a) of this Section, the Board shall conduct an in-depth review and evaluation of the application
											  and wastewater project to determine whether it complies with applicable state and federal laws. Board staff
											  may request additional information from the applicant and have further conferences as deemed necessary and
											  beneficial to complete the application review.
(2) In the review
											  and consideration for financial assistance under the Clean Water SRF Program, the Board shall give
											  consideration to the following general and non-exclusive criteria for application approval:
(A)
Compliance with laws.
The application and proposed project
											  must be found to be in compliance with all applicable and relevant federal, state and local laws and
											  regulations, and applicant must possess all necessary and incidental legal rights and privileges necessary to
											  project commencement and operation.
(B)
Eligibility.
The applicant and proposed project must be determined to be eligible for the assistance sought.
(C)
Economic feasibility.
The Board shall consider the overall
											  apparent economic viability and feasibility of the project as a whole including proposed revenues from the
											  project and the adequacy and reliability of estimated revenues necessary for loan repayment when
											  indicated.
(D)
Availability of funds.
The Board
											  shall take into consideration the current and anticipated availability of assistance funds needed to provide
											  the financial assistance requested.
(E)
Planning
											  Documents.
The applicant shall submit such planning documents as may be required by Board
											  Staff.
(3) The Board may deny an application for a
											  loan from the Clean Water SRF program for any of the following reasons:
(A)
											  The applicant or the entity which stands to receive the benefit of the financial assistance is not an
											  eligible entity.
(B) The applicant does not have a demonstrated
											  history of sound management.
(C) The applicant's financial
											  condition is not sound enough to assure the Board that the loan would be satisfactorily repaid (including but
											  not limited to circumstances such as inability to meet debt service, inability to meet any applicable rate
											  covenant or additional indebtedness requirements, a substantial increase in operation and maintenance costs
											  due to the proposed project, substantial revenue collection problems, substantial negative financial trends,
											  a default or record of late payment(s) on previous indebtedness, etc.)
(D) The economic conditions pertinent for the applicant show negative
											  trends (including but not limited to conditions such as substantial declines in sales tax revenues,
											  population, per capita income, building permits, or water and/or sewer connections; a substantial increase in
											  unemployment; or detrimental changes in the bases of ten largest customers or ten largest
											  taxpayers).
(E) Any other reason based upon applicable law or the
											  Board's judgment and discretion.
(4) Once the Board
											  staff deems its review complete, the matter will be placed on the Board's agenda for consideration. The Board
											  may approve the application, reject the application, or request additional information. The Board shall
											  notify the applicant as to any such action taken.