830 R.I. Code R. 830-RICR-10-05-1.5

Current through December 3, 2024

Section 830-RICR-10-05-1.5 - Loan Approval Process

A. Loan approvals are subject to the following terms:

1. That all projects to be funded appear on the Rhode Island Office of Energy Resources ("OER") Project Priority List in accordance with the EBF Act. Projects not listed on the project priority list shall not be eligible for financial assistance from the EBF;

2. That the loan comply with all federal, state and Bank laws, rules and regulations;

3. That the loan and debt service requirements be approved by any applicable regulatory Agency;

4. That a satisfactory loan agreement be signed by all parties to the transaction;

5. That the loan will be made subject to availability of funds as related to the Bank's capacity; and that the loan will be made subject to ranking on OER's Project Priority List.

6. The Bank will conduct a financial analysis for each loan application which may include, but not be limited to:

a. Projected energy efficiency savings;

b. Sources of revenue and financial liquidity;

c. Historical and projected financial operating results;

d. Present and future debt service requirements;

e. Impact of dedicated user fees and/or general revenues;

f. Cost of the project and completion schedule;

g. Long term capital replacement planning;

h. Socioeconomic conditions and trends;

i. Management qualifications and experience;

j. Effects of legal structure and any regulator control; and

k. Any other information that the Bank may require.

B. If the Board approves the application, a commitment letter will be issued to the Borrower for their acceptance, outlining the terms and conditions of the loan.

830 R.I. Code R. 830-RICR-10-05-1.5