Section 459 - Ability to Finance DeterminationThe inability to reasonably finance project construction costs from other sources will be determined by the Department to have been established when the Department finds that all of the following conditions exist:
(a) Financial assistance from the Federal Government is not available on a timely basis commensurate with the need for the project.(b) The applicant cannot market bonds or obtain loans at an interest rate which will not impose an unreasonable burden on the supplier or water consumer. Voter denial of a bond issue where voter approval is required to issue bonds does not in itself demonstrate inability to reasonably finance from other sources.(c) The supplier has no other funds, or sources of funds available on reasonable terms, to finance the proposed project. The supplier shall finance that portion of the proposed project for which it is able to obtain funds on reasonable terms.Cal. Code Regs. Tit. 23, § 459
1. Amendment of first paragraph preceding subsection (a) filed 11-24-78; effective thirtieth day thereafter (Register 78, No. 47).
2. Renumbering and amendment of former Section 459 to Section 458 and renumbering and amendment of former Section 460 to Section 459 filed 8-11-83; effective thirtieth day thereafter (Register 83, No. 37). Note: Authority cited: Sections 13868 and 13892, Water Code. Reference: Sections 13868, 13886 and 13889, Water Code.
1. Amendment of first paragraph preceding subsection (a) filed 11-24-78; effective thirtieth day thereafter (Register 78, No. 47).
2. Renumbering and amendment of former Section 459 to Section 458 and renumbering and amendment of former Section 460 to Section 459 filed 8-11-83; effective thirtieth day thereafter (Register 83, No. 37).