New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XLII - New York State Environmental Facilities Corporation
Part 2605 - New York State Pipeline For Jobs State Revolving Fund Regulations
Section 2605.8 - Security requirements
Current through Register Vol. 46, No. 39, September 25, 2024
In order to secure financial assistance from the fund in the form of a loan, a project sponsor must meet the following minimum credit standards:
(a) For project sponsors that are municipalities, each loan must be secured by a bond issued by the municipality which represents a valid and legally binding general obligation of such municipality for which its full faith and credit has been validly pledged.
(b) For project sponsors that are businesses, the project sponsor must demonstrate a long term investment grade credit rating of "A" or better, or a letter of credit from a bank rated "A" or better, or bond insurance from a company with a claims paying ability of "A" or better.
