The authority shall authorize the making of a loan or providing other financial assistance to a participant under this chapter only when the following conditions exist:

1. (1) An application for the loan or other financial assistance has been submitted by the participant to the authority in the manner and form that the authority directs. The application must state the following:

   1. (A) The need for the flood control program and the need for money for instituting, accomplishing, and administering the program.
   2. (B) A detailed description of the program.
   3. (C) An engineering estimate of the cost of the proposed program acceptable to the authority.
   4. (D) The amount of money considered to be needed.
   5. (E) Other information that is requested by the authority.
2. (2) There is a need, as determined by the authority, for the proposed flood control program for the purpose of protecting the health, safety, and general welfare of the inhabitants of the participant's jurisdiction.

3. (3) The participant agrees and furnishes assurance, satisfactory to the authority, that the participant will operate and maintain the flood control program, after completion, in a satisfactory manner.

   [Pre-1995 Recodification Citation: 13-2-23-5.]

As added by P.L.1-1995, SEC.21. Amended by P.L.53-2008, SEC.6; P.L.155-2015, SEC.25; P.L.111-2016, SEC.30.