Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 40 - Municipal Resilience Program
Part 1 - Municipal Resilience Program Policies and Procedures
Section 830-RICR-10-40-1.8 - Loan Approval Process
Universal Citation: 830 RI Code of Rules 10 40 1.8
Current through September 18, 2024
A. Loan approvals are subject to the following terms:
1. That
the loan complies with all federal, state and Bank laws, rules and
regulations;
2. That the loan and
debt service requirements be approved by any applicable regulatory
agency;
3. That a satisfactory loan
agreement be signed by all parties to the transaction;
4. That the loan will be made subject to
availability of funds.
B. The Bank will conduct a financial analysis for each loan application which may include, but not be limited to:
1. Sources of
revenue and financial liquidity;
2.
Historical and projected financial operating results;
3. Present and future debt service
requirements;
4. Impact of
dedicated user fees and/or general revenues;
5. Cost of the project and completion
schedule;
6. Socioeconomic
conditions and trends;
7.
Management qualifications and experience;
8. Effects of legal structure and any
regulator control; and
9. Any other
information that the Bank may require.
C. If the Board approves the loan application, a commitment letter will be issued to the Borrower for their acceptance, outlining the terms and conditions of the loan.
D. The Bank shall review all loan applications, and may, in its discretion, establish an advisory group to assist in the review of loan applications.
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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