1. (a) The Board staff shall prepare an analysis of each application. Applications which meet the following criteria shall be recommended for approval to the Loan Committee, on a first come, first served basis:

   1. (1) The Applicant is found creditworthy, and
   2. (2) The collateral and the source of repayment are appropriate for the requested loan amount; and
   3. (3) The Applicant has adequately demonstrated the appropriateness of the loan for use in the project as specified in Section 17935.1 of this Article.
2. (b) Where additional assistance may be needed from the Loan Committee for a determination, staff may forward those applications and analysis to the Loan Committee without a recommendation.
3. (c) Where the Applicant does not meet the criteria set forth in subsection (a), the Applicant will be notified in writing of its failure to meet the criteria and the process for appeal of the decision.

Note: Authority cited: Section 40502, Public Resources Code. Reference: Section 42023.4, Public Resources Code.

History

1. New section filed 11-24-92; operative 11-24-92 pursuant to Government Code section 11346.2(d) (Register 92, No. 48).

2. Change without regulatory effect amending Note filed 7-8-94 pursuant to section 100, title 1, California Code of Regulations (Register 94, No. 27).

3. New subsection (c) (reserved) and subsection (d) filed 4-8-98; operative 5-8-98 (Register 98, No. 15).

4. Amendment filed 7-30-98; operative 8-29-98 (Register 98, No. 31).

5. Amendment of subsection (a), repealer of subsection (b), subsection relettering and amendment of Note filed 10-18-2005; operative 11-17-2005 (Register 2005, No. 42).