Haw. Code R. § 6-17-13 - Determination of responsibility

The department shall determine whether a project party is a responsible party. The determination shall be made on a case-by-case basis. The following elements shall be considered in making the determination:

(1) The experience of the project party in providing elementary, secondary, and post-secondary education to the general public and in providing the type of service represented by the project;

(2) The financial condition of the project party and the ability of the project party to make the payments that would be required by the project agreement from revenues derived from the project or otherwise;

(3) The security proposed for the loan including, if any, the real or personal property, or both, to be pledged, mortgaged, or leased, and the presence of a guaranty of a third party, including a controlling party of the project party;

(4) If determined necessary or desirable by the department, a financial feasibility study prepared by an independent party approved by the department, or other projection of the future ability of the project party to repay the loan;

(5) The project party's credit reputation including, if the project has been previously financed, the project party's experience with respect to the prior financing of the project; and

(6) Any other factors the department deems relevant to a determination of responsibility with respect to any project party.

Notes

Haw. Code R. § 6-17-13

[Eff APR 11 2005] (Auth: HRS § 26-38) (Imp: HRS § 39A-254)