Rule Rule 123-042-0175
Eligibility Criteria for State Revenue Bond Loans

The Authority shall apply the following standards for determining the eligibility of development projects for revenue bond financing:


Loan repayment must be secured by a full faith and credit pledge of the municipality;


The loan must be of sufficient size as determined by the Authority;


The loan must be fully amortized over its term with fixed annual principal and interest payments and the term of the loan will not exceed the usable life of the contracted project;


The loan must conform to the requirements of the bond indenture for the state revenue bonds; and


The loan and the municipality must meet the minimum underwriting criteria for revenue bond financing as established by Authority policies.
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Aug. 10, 2020