An application shall be filed with the Arkansas Natural Resources Commission staff that contains the following information:

1. (1) General information. General information such as the names, titles, addresses, and phone numbers for the signatory authority of each participating political subdivision, the engineering consultant or consultants, the legal counsel/city attorney, the applicant's bond counsel, the applicant's independent auditor, and the wastewater superintendent and his or her license class shall be provided on each application;

2. (2) Current financial information.

   1. (A)

      1. (i) Audit reports for the municipality and the sewer system for the last four (4) fiscal years.
      2. (ii) Should audits not be available for each year, unaudited financial statements are required.
   2. (B) Copies of all outstanding bond ordinances including amortization schedules and notes payable that pledge sewer system revenues for repayment.

   3. (C) Information on:

      1. (i) The current sewer customer base;
      2. (ii) Customer income;
      3. (iii) Average customer charges for sewer service; and
      4. (iv) The current sewer rate ordinance.
   4. (D) The previous, current, and projected annual operating budget for the municipality and for the sewer system.
   5. (E) A sewer system delinquent accounts analysis.
   6. (F) The amount of the two (2) preceding years’, the current year’s, and the projected year's general revenue turnback funds.
   7. (G) Other information deemed necessary by the commission staff to establish the current financial condition of the applicant; and

3. (3) Projected financial information.

   1. (A) A line item budget estimate for the proposed project that includes:

      1. (i) The construction cost for all major facilities;
      2. (ii) Land and easement costs;
      3. (iii) Fees for engineering and legal costs;
      4. (iv) Administration and loan issuance costs;
      5. (v) Interest during construction; and
      6. (vi) A contingency amount.

   2. (B) The proposed project funding breakdown including the:

      1. (i) Proposed CWRLF amount;
      2. (ii) Applicant contribution; and
      3. (iii) Source of any additional funding required to construct the project.
   3. (C) The projected sewer customer base and a projected budget showing revenues and expenses for operating the sewer system following project completion.
   4. (D) A proposed project schedule.
   5. (E) Forms and statements concerning compliance with applicable state and federal requirements.
   6. (F) Other information deemed necessary by the commission staff to establish the projected financial condition of the applicant following project completion.