New Mexico Administrative Code
Title 8 - SOCIAL SERVICES
Chapter 321 - SPECIALIZED BEHAVIORAL HEALTH SERVICES
Part 7 - BEHAVIORAL HEALTH CAPITAL FUND PROGRAM
Section 8.321.7.10 - FINANCING APPROVAL BY THEAUTHORITY
Current through Register Vol. 35, No. 18, September 24, 2024
A. The authority will perform an independent financial analysis of each application. In evaluating an application, the authority will consider.
B. The evaluation must include a finding that the useful life of the project will meet or exceed the final maturity of the loan and must meet standards for reasonable costs set by the board.
C. The evaluation must include a finding by the authority that there is adequate protection, including loan guarantees, real property liens, title insurance, security interests in or pledges of accounts and other assets, loan covenants and warranties or restrictions or other encumbrances and pledges for the state funds extended for the loan.
D. The applicant must agree, and such agreement may be included in the agreement at the request of the board:
E. Once a recommendation has been made on the application by the authority staff, the board will act on the application and any associated loan documents or agreements no later than the next regular board meeting at which such item may be properly considered. The board may approve all or part of the application as recommended by the authority staff. Board approval may specify, at the board's discretion, terms and conditions of the loan as necessary to ensure repayment, including but not limited to, maximum loan term and maximum annual payments.
F. The authority will notify the applicant of the approval or disapproval of its application by telephone and will mail written notification by certified mail within seven working days of board action.
G. All communications regarding an eligible entity's original application shall be directed to the department.