- (a) For project sponsors that are municipalities, each loan must be secured by a bond issued by the municipality which represents a valid and legally binding general obligation of such municipality for which its full faith and credit has been validly pledged.
- (b) For project sponsors that are businesses, the project sponsor must demonstrate a long term investment grade credit rating of “A” or better, or a letter of credit from a bank rated “A” or better, or bond insurance from a company with a claims paying ability of “A” or better.
In order to secure financial assistance from the fund in the form of a loan, a project sponsor must meet the following minimum credit standards: