Section R18-15-407. Water Supply Development Revolving Fund Application Review for Financial Assistance

A.      The Authority shall evaluate and summarize each application for financial assistance received and develop an analysis that provides recommendations to the Committee. The analysis shall at a minimum include:

1.        The scope, size, and budget of the proposed project, including as much cost detail as possible;

2.        A summary of the applicant’s legal capability including authorization to enter into long-term indebtedness and to pledge the specified dedicated revenue source for repay- ment;

3.        A summary of the applicant’s technical capability, includ- ing its ability to construct, operate and maintain the pro- posed project;

4.        A summary of the applicant’s managerial capability, including the experience of elected officials and manage- ment team in managing similar organizations and similar projects;

5.        A summary of the applicant’s financial capability, includ- ing:

a.        The amount of money collected through the dedi- cated revenue source for repayment for each of the previous three fiscal years,

b.        An estimate of the amount of money that will be col- lected through the dedicated revenue source for repayment for the current fiscal year, and

c.        A projection of the amount of money that will be collected through the dedicated revenue source for repayment for each of the next five fiscal years;

6.        A summary of any previous assistance provided by the Authority to the applicant; and

7.        A summary of the applicant’s ability to meet any applica- ble permitting and environmental requirements imposed by federal, state, or local agencies.

B.       The Committee shall make a determination regarding the applicant’s request for financial assistance at a public meeting. The Committee shall base this determination on the informa- tion provided in the application, the analysis prepared by the Authority, and any other information provided at the public meeting. The Authority shall inform the applicant of the Com- mittee’s determination, which may include recommended modifications to any of the following:

1.        The proposed project,

2.        The applicant’s legal structure and organization,

3.        The dedicated revenue source for repayment, or

4.        The structure of the financial assistance request.

C.      If the Committee determines at any time during a funding cycle that funds are limited or are not available to provide financial assistance, the Authority shall notify applicants on the current Water Supply Development Revolving Fund Project Priority List that the Authority is no longer accepting applications. The Committee shall determine the amount of funding available, if any, to provide financial assistance for the applications by the Authority. The Committee shall consider each application in the order the project appears within the fundable range on the current Water Supply Development Revolving Fund Project Priority List. The Committee shall make a determination as described in subsection (B) on each application until the available funds are committed.

D.      Upon Committee approval of the applicant’s request for finan- cial assistance, the Authority shall prepare a financial assis- tance agreement for execution by the applicant and the Authority.

Historical Note

New Section made by final rulemaking at 16 A.A.R.

1709, effective October 9, 2010 (Supp. 10-3).