To qualify for financial assistance under this part the principal shall satisfy the Authority that the principal: is of good moral character or is owned by individuals of good moral character; as determined from creditors, employers, and other individuals who have personal knowledge, is an individual with a reputation for financial responsibility or is owned by individuals, a majority of whom have a reputation for financial responsibility; is a resident of the State or the principal place of business of the applicant is in the State; and is unable to obtain adequate bonding on reasonable terms through normal channels. To qualify for financial assistance under this part the principal shall certify to the Authority, and the Authority shall be satisfied, that: a bond is required to bid on a contract or to serve as prime contractor or subcontractor; a bond cannot be obtained on reasonable terms and conditions without assistance from the Program; and the principal will not subcontract more than 75% of the monetary value of the contract.