830 R.I. Code R. 830-RICR-10-20-1.5

Current through December 3, 2024

Section 830-RICR-10-20-1.5 - Loan Approval Process

A. Loan approvals are subject to the following terms:

1. That all projects to be funded appear on the Rhode Island Department of Transportation ("RIDOT") Project Priority List;

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 RIDOT's Project Priority List;

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

a. Sources of revenue and financial liquidity;

b. Historical and projected financial operating results;

c. Present and future debt service requirements;

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

e. Cost of the project and estimated completion schedule;

f. Long term capital replacement planning;

g. Socioeconomic conditions and trends;

h. Management qualifications and experience;

i. Effects of legal structure and any regulator control;

j. The useful life of the project as determined by RIDOT; and

k. Any other information that the Bank or its Board of Directors 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-10-20-1.5