Current through 2024-38, September 18, 2024
A. To be eligible for financial assistance
under the Program, a Borrower must demonstrate to the Department, and the
Department must certify to the Authority, that:
1 the Project is eligible;
2 the Borrower is not a Concentrated Animal
Feeding Operation (CAFO) under EPA regulations;
3 the Project has been designed or approved
by a licensed engineer or qualified member of the Natural Resources
Conservation Service (NRCS), if it relates to manure or milk house waste
containment facilities, or by a qualified member of the NRCS, personnel of the
Department or other qualified professional, as to other projects, and in all
cases meets NRCS technical specifications;
4 the design, location and installation of
all facilities to be financed is compliant with applicable State and local
codes and regulations, and if a point source solution is a necessary part of
the Project, the State Environmental Review Process;
5 any equipment purchased pursuant to the
Program is proposed to be located and used only in the State and any facilities
constructed with Program funds are for agricultural Borrowers whose primary
place of business is within the State.
6 the Project has been completed in
accordance with approved design and specifications.
B. To be eligible for financial assistance
under the Program a Borrower must also demonstrate to the Authority each of the
following:
1 A reasonable likelihood that the
Borrower will be able to repay the loan.
2 Any financial assistance will be used only
for an eligible Project.
C. In accordance with Section 4, below, a
Borrower shall submit an application prior to commencement of the Project. A
Borrower may obtain a direct loan for a project, which has already been
completed only if the Borrower provides satisfactory evidence of compliance
with each of the following criteria:
1 The
Project was completed no more than twelve months previous to the date the
complete application is received by the Authority.
2 The loan is made to the same individual or
entity, who operated the Project at the time the Project was
undertaken.
3 The loan will assist
in maintaining a viable business.
D. The terms of a loan made under this
section shall be set in accordance with Section 6 hereof.
