Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 15 - Septic and Sewer
Part 1 - Clean Water State Revolving Fund Loan Policies and Procedures (830-RICR-10-15-1)
Section 830-RICR-10-15-1.5 - Loan Approval Process
Universal Citation: 830 RI Code of Rules 10 15 1.5
Current through March 25, 2025
A. Loan approvals are subject to the following terms:
1. that
all projects to be funded appear on the Rhode Island Department of
Environmental Management's ("RIDEM") Project Priority List and have
Certificates of Approval issued;
2.
that the loan comply with all federal, state and Bank laws, rules and
regulations;
3. that the loan and
debt service requirements be approved by any applicable regulatory
Agency;
4. that a satisfactory loan
agreement be signed by all parties to the transaction;
5. that the loan will be made subject to
availability of funds as related to the Bank's capacity; and that the loan will
be made subject to ranking on RIDEM's Project Priority List.
6. The Bank will conduct a financial analysis
for each loan application which may include, but not be limited to:
a. sources of revenue and financial
liquidity
b. historical and
projected financial operating results
c. present and future debt service
requirements
d. impact of dedicated
user fees and/or general revenues
e. cost of the project and completion
schedule
f. long term capital
replacement planning
g.
socioeconomic conditions and trends
h. management qualifications and
experience
i. effects of legal
structure and any regulator control
j. any other information that the Bank or its
Board of Directors may require.
7. In addition, the Bank may take into
consideration the Affordability Criteria established by the Bank and RIDEM
posted on the Bank's website.
B. If the Board approves the application, a Commitment Letter will be issued to the Borrower for their acceptance, outlining the terms and conditions of the loan.
Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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