<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".06" citation="COMAR 24.05.07.06" title_num="24" subtitle_num="05" chapter_num="07" heading="Applications for Financial Assistance.">
  <paragraph num="A.">
    <text>To apply for financial assistance under the Program, an applicant shall submit to the Authority an application that includes:</text>
    <paragraph num="(1)">
      <text>A detailed description of the project;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>An itemization of known and estimated costs, to include cash flow projections with underlying assumptions on the contract;</text>
    </paragraph>
    <paragraph num="(3)">
      <text>The total amount of investment required to perform the contract;</text>
    </paragraph>
    <paragraph num="(4)">
      <text>The funds available to the applicant without financial assistance from the Authority;</text>
    </paragraph>
    <paragraph num="(5)">
      <text>The amount of financial assistance sought from the Authority;</text>
    </paragraph>
    <paragraph num="(6)">
      <text>Information that relates to the inability of the applicant to obtain adequate financing on reasonable terms through normal lending channels;</text>
    </paragraph>
    <paragraph num="(7)">
      <text>Information that relates to the financial status of the applicant, including:</text>
      <paragraph num="(a)">
        <text>A balance sheet dated within 90 days of the application,</text>
      </paragraph>
      <paragraph num="(b)">
        <text>A profit and loss statement dated within 90 days of the application,</text>
      </paragraph>
      <paragraph num="(c)">
        <text>Credit references, and</text>
      </paragraph>
      <paragraph num="(d)">
        <text>Detailed information on the status of outstanding indebtedness including copies of notes, security agreements, and other evidence of obligations;</text>
      </paragraph>
    </paragraph>
    <paragraph num="(8)">
      <text>Information on available collateral;</text>
    </paragraph>
    <paragraph num="(9)">
      <text>A copy of the applicant's articles of incorporation (filed with the state of incorporation), bylaws, partnership agreement, or other organizational documents;</text>
    </paragraph>
    <paragraph num="(10)">
      <text>A copy of the deeds to all real property offered as collateral; and</text>
    </paragraph>
    <paragraph num="(11)">
      <text>Other relevant information the Authority requests.</text>
    </paragraph>
  </paragraph>
  <paragraph num="B.">
    <text>If an applicant is unable to provide the application information required by §A(1)—(3) of this regulation, the application shall nevertheless be deemed fully completed if the applicant:</text>
    <paragraph num="(1)">
      <text>Provides the information required in §A(4)—(11) of this regulation in the application;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Agrees that before disbursement of any funds for a project, the applicant shall submit to the Director the information required in §A(1)—(3) of this regulation; and</text>
    </paragraph>
    <paragraph num="(3)">
      <text>Requests the Authority to delegate to the Director the review and approval of the information required in §A(1)—(3) of this regulation.</text>
    </paragraph>
  </paragraph>
</regulation>