Regulation .04 Eligible Participants.

Possesses the legal capacity and all necessary legal authority to incur the obligations of the loan;

Submits an application to the Department which identifies how the local government will construct, operate, and maintain the project;

Is eligible to receive State payments in amounts satisfactory to the Administration, taking into consideration the amount of the loan;

Needs to finance or refinance the acquisition, construction, or rehabilitation of a project; and

Is acceptable to any entity which may be engaged to enhance the credit for a bond financing.