Current through November 7, 2024
Section 865-RICR-10-00-1.9 - Review ProcessA. Each Request for Financing shall be reviewed by the Commission and, because the Secretary of Commerce must concur in the provision of any I-195 Fund Financing, by the Executive Office of Commerce as well.B. Each Request for Financing shall be reviewed to confirm compliance with the Act and these Rules, and the Commission may reject any incomplete or deficient Request for Financing.C. The Commission may require the submission of additional information in connection with any Request for Financing or the revision of a Request for Financing, and may permit the resubmission of a Request for Financing rejected as being incomplete or deficient.D. Prior to approving financing for a Project that claims a Project Financing Gap, the Commission shall review the Request for Financing to determine if a Project Financing Gap exists. This review shall include testing the validity of the Applicant's financial information and assumptions through the use of financial models and, to the extent deemed necessary or desirable by the Commission, seeking input from third-party consultants.E. The Commission may from time to time set deadlines for Requests for Financing. Such deadlines will be published on the Commission's web site.865 R.I. Code R. 865-RICR-10-00-1.9