15- 214 C.M.R. ch. 4, § 5 - Approval

1. The Agency will notify the Bond Bank which projects have been pre-approved for funding based on the ranking of the proposals described in section 4 above and on the availability of funds. The Bond Bank will then evaluate the financial information submitted by the applicant for each pre-approved project and advise the Agency if the loan has been approved or denied. In the event that the loan is denied by the Bank, the applicant shall be given an opportunity to provide such additional information as it deems may be useful in re-evaluating the loan for approval.

2. The Director will notify the applicants that have received final approval for a loan and refer them to the Bond Bank for execution of a loan agreement in accordance with section 6 of this rule.

3. Applicants whose projects were not approved for funding will be notified in writing of the grounds for that decision. All active applications will remain on file with the Agency for consideration in the next application cycle if sufficient funds remain in the Program.

Notes

15- 214 C.M.R. ch. 4, § 5