Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 15 - Septic and Sewer
Part 3 - Community Septic System Loan Policies and Procedures (830-RICR-10-15-3)
Section 830-RICR-10-15-3.4 - Loan Application

Universal Citation: 830 RI Code of Rules 10 15 3.4

Current through September 18, 2024

A. Requests for financing under the Community Septic System Loan Program should be submitted in writing by the chief executive officer or other authorized officer of the local governmental unit to the Executive Director of the Bank. The written request shall include:

1. A projection of the estimated need for repair or replacement of failed or failing system or cesspool as contemplated by the Community's program and identified in the On-site Wastewater Management Plan prepared by the local governmental unit.

2. Indication of approval of the local governmental unit program for on-site septic system repair or replacement or cesspool closure as outlined in its On-site Wastewater Management Plan by the Department of Environmental Management (DEM).

3. A description of the dedicated source of loan security in the event of property owner loan default or non-payment, i.e., pledge of general revenues from property taxes of cities and towns, property liens, or other source available to the local governmental unit and deemed appropriate by the Bank.

4. A description of the overall operation of the local governmental unit, including but not limited to the most recent annual report or audited financials, with an emphasis on
a. legal structure;

b. management;

c. sources of revenues;

d. operating expenses;

e. operating surpluses or deficits;

f. actual results versus budget; and

g. sources of financial liquidity.
(1) The most recent annual report or audited financials may be submitted in satisfaction of all or any part of this item.

5. Legal authority or authorities to borrow from the Community Septic System Loan Program.

6. Other information reasonably requested by the Bank.

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