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 September 18, 2024

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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