- (a) The executive administrator may accept applications to refinance existing debt for eligible projects when sufficient funds are available. If refinancing funds are available in an IUP, then the eligible Applicant shall describe the water quality need for construction of the eligible project and provide other specific information detailed in the project information form.
(b) An application for refinancing of existing debt shall be the same as an application for financial assistance under this chapter. The executive administrator may consider an application for refinancing when:
- (1) the project meet all of the requirements for a federally funded project under this chapter, including information evidencing that the environmental review and engineering criteria considered by the original lender shall meets the criteria required under this chapter and law for the same or similar projects; and
- (2) the federal tax regulations allow such refinancing if Board bond proceeds will be used to refinance.
Source Note:The provisions of this §375.11 adopted to be effective September 8, 2010, 35 TexReg 8126.