1. (1) Upon approval of the preliminary project proposal by the HHS Secretary, the borrower shall submit the project proposal, accompanied by an application for bond financing in the form established by the Agency, to the agency for the review required by 801 CMR 56.03(8)(a) and (b). Within 60 days after the later of the approval of the preliminary project proposal by the HHS Secretary or the receipt of the completed project proposal and application for bond financing, the Agency shall undertake and complete the review required by 801 CMR 56.03(8)(a) and (b). Upon completing its review of the preliminary project proposal, the Agency shall determine whether:

   1. (a) the project would not happen but for participation in the moral obligation bond program; and
   2. (b) in the agency's the project meets the agency's Underwriting Guidelines. The Agency shall provide its written determination to the borrower and to the A&F

Secretary.

1. (2) The Agency may establish and collect such fees and charges as the Agency shall determine is reasonable, including an application fee for its review of the project proposal and an issuance fee to be paid from the bond proceeds.