Subject to the requirements of this regulation, the Administration may authorize a credit enhancement to carry out the purpose of the Program under State Government Article, §9-20A-03, Annotated Code of Maryland. The Administration may authorize a credit enhancement under the Program to a bank or other financial institution to facilitate financing of at least one project of an: Eligible local jurisdiction; Eligible nonprofit organization; or Eligible business. A bank or other financial institution offering a financing enhanced by a credit enhancement under the Program shall: Be in good standing with the State Department of Assessments and Taxation and: Incorporated in the State; or Registered to do business in the State; Have the legal capacity and all necessary legal authority to incur the obligations associated with the credit enhancement under the Program; Provide a complete application to the Administration before the expiration of any applicable deadline; Satisfy all financial requirements established by the Administration; At the discretion of the Administration, pay a reasonable fee to the Administration for the administration of the credit enhancement; and Meet any additional requirement deemed appropriate by the Administration. A beneficiary of a credit enhancement under the Program shall: Have the legal capacity and all necessary legal authority to incur the obligations associated with the credit enhancement under the Program; Satisfy all financial and credit-related requirements established by the Administration; and Meet any additional requirement deemed appropriate by the Administration. Application and Review Process. An eligible local jurisdiction, nonprofit organization, or business may apply to the Administration under the Program to receive a credit enhancement for a financing offered by a bank or other financial institution. A bank or other financial institution may apply to the Administration to receive a credit enhancement to benefit an eligible local jurisdiction, nonprofit organization, or business. An application for a credit enhancement shall be: Made upon standard forms required by and submitted to the Administration; and Submitted to the Administration in accordance with a schedule developed and publicized by the Administration. If the beneficiary of the credit enhancement is: A local jurisdiction, the application shall be signed by the local jurisdiction’s chief elected officer or, if none, by the governing body to the local jurisdiction; A public school, the application shall be approved by the board of education of the county in which the project is located and signed by the superintendent of public schools for the county; An institution of higher learning, the application shall be signed by the president of the institution or other authorized official; A business entity, the application shall be signed and verified: If a corporation, by an officer of the corporation; or If another form of business entity, by a person or official with authority to bind the entity to the commitments required; or A nonprofit organization, the application shall be signed by the executive director, president, chairman of the board, or other authorized official. An application for a credit enhancement shall contain: Sufficient information and documentation to determine: Whether the terms and requirements of the credit enhancement as determined by the Administration can be met; and For a business or nonprofit organization, sufficient information to allow the Administration to make a determination about the creditworthiness of the borrower and the risk profile of the credit enhancement; and The following additional information: Identification of the business, structure or structures, or equipment which will be the subject of a project, including, as applicable, a brief description of the existing condition of the structure or equipment evidencing a need for the project; The cost of a proposed project and the amount of dollars committed from private and public resources; A project budget identifying all sources and uses of project funds; Proposed terms of the credit enhancement, including interest rates and repayment schedules; The type of security, if any, to be provided by the beneficiary of the credit enhancement; A description of type, amount, and source of the contribution to be made by the beneficiary of the credit enhancement; As determined by the Administration, the projected energy cost savings to be achieved in dollars, units of fuel, kilowatt-hours, or British thermal units, and the engineering calculations to support these savings estimates; and The anticipated environmental benefits in the form of reduced emissions or pollution attributable to the proposed project. After receipt of an application for a credit enhancement, the Administration may consider whether to offer a credit enhancement under the Program using the following factors: Satisfaction of the requirements under §E(3) of this regulation; Estimated energy savings; Leverage; Risk to the Administration of pecuniary loss; The extent to which the credit enhancement helps achieve the purpose of the Program under State Government Article, §9-20A-03, Annotated Code of Maryland; and Additional factors deemed appropriate by the Administration related to the: Type of credit enhancement proposed; Project; Bank or financial institution; and Beneficiary of the credit enhancement.