(a) After reviewing and considering the submitted application, the Arkansas Natural Resources Commission may proceed to take one (1) of the following alternative forms of commission action on the application:

1. (1) The commission may approve the loan application as submitted, in whole or in part, and thereby authorize such further action as may be necessary to effectuate project closing and/or the disbursement of funds;

2. (2) The commission may:

   1. (A) Retain the application under advisement for further consideration or continue the hearing on the same for later ruling and disposition; and
   2. (B) Withhold ruling on the application pending a further hearing and/or submission to the commission of such further or additional information as the commission may require for application consideration purposes;
3. (3) The commission may reject and deny the application, in whole or in part;

4. (4) The commission may approve the loan application, in whole or in part, contingent upon the:

   1. (A) Applicant taking certain actions;
   2. (B) Existence of adequate and available money in the Safe Drinking Water Fund; or
   3. (C) Receipt and approval by commission staff of any outstanding and necessary:

(i) Material;

1. (ii) Information;

   1. (iii) Documents;

      1. (iv) Verifications; or
      2. (v) Other authorization;

2. (5)

   1. (A) The commission may place an application on a waiting list pending the availability of money in the Safe Drinking Water Fund.
   2. (B) Applications on the waiting list will be given further consideration regarding approval or denial when adequate funds become available;

3. (6) The commission will act on an application based on:

   1. (A) The information contained therein;
   2. (B) Testimony given at the public hearing; and
   3. (C) The staff's recommendations;

4. (7)

   1. (A) Action will normally be taken by the commission within one (1) calendar year of the time application for a loan is made.
   2. (B) Action may be delayed on certain applications for projects dependent on other financing sources; or
5. (8) The Director of the Arkansas Natural Resources Commission shall, within ten (10) days, notify the applicant of the final action of the commission in accepting, modifying, or rejecting the application.

(b) Upon approval and grant of an application for a loan, the commission may authorize project loan closing and the execution of all necessary closing documents and instruments by the Chair of the Arkansas Natural Resources Commission or other designated commission representative or representatives, and may accordingly authorize and provide for disbursements and may authorize such further or additional action as may be necessary to complete and implement the approved transaction, including the imposition and collection of such fees and charges as may be fixed by the commission to be paid by an applicant with respect to the commission’s assistance for a specific project.

1. (c)
2. (1) The director shall have the discretionary authority to extend the time granted by the commission to an applicant to comply with specific terms and conditions when, in the director’s judgment, substantial compliance has been achieved by the applicant.

3. (2) Any such extension granted pursuant to this provision shall:

   1. (A) Not exceed ninety (90) days; and
   2. (B) Be granted only after consultation with the commission chair.
4. (3) Any extensions granted pursuant to this section shall be reported to the commission as a whole at its next regularly scheduled meeting.