(10) Costs associated with the refinancing of local debt incurred after March 5, 1985, only when the applicant demonstrates the following:
- (i) The construction started after March 5, 1985, but before March 1, 1988.
- (ii) The original debt was incurred to comply with a State or Federal compliance schedule.
- (iii) The project has met the requirements of the Water Quality Act.
- (iv) The project has undergone an environmental review as required by the Department.