1. (a) Application forms. An applicant or lender seeking a commitment from the Authority may use the application forms provided by the Authority.
2. (b) Submission of a qualified application. Applicants are required to submit the application material to the Authority staff for presentation to the board of the Authority. Staff will be available prior to submission of the qualified application to discuss project eligibility.
3. (c) Staff review. Staff will review the qualified application for completeness and will notify the applicant of any additional information required. When all required information has been received, staff will conduct a credit review, evaluate the technical and market feasibility of the project, and examine the benefits of the project for economic growth in the state.
4. (d) Board review. Staff will submit a report on each qualified application to the board containing a recommendation by staff. The board may, in its discretion, recommend the imposition of additional conditions and requirements in the approval of a qualified application. Approval of a qualified application will be by a majority of a quorum of the board, except for commitments over $2 million which must be approved by a positive vote of two-thirds of the board.
5. (e) Notification of approval. Upon conditional approval of the qualified application by the board, the Authority will notify the applicant in writing identifying the terms and conditions of the commitment provided. The applicant must accept the conditions of the board within 30 days.
6. (f) Denial of qualified application. If the qualified application is denied by the board, the Authority will notify the applicant in writing identifying the reasons for denial. Applicants who have been denied may re-apply to the program.
7. (g) Reporting to the board. Staff shall report to the board at each board meeting the status of loans and current commitments of the Authority.
8. (h) Providing false information. An applicant who knowingly provides false information in an application is liable to the Authority for any expense incurred by the Authority that would not have been incurred if the applicant had not provided the false information. Any commitment provided by the Authority under false pretenses will be subject to termination with a full repayment of any and all proceeds disbursed to the applicant by the Authority. In addition, the Authority may pursue any other remedies provided by law.
9. (i) Historically Underutilized Businesses. The Authority shall make a good faith effort to make available commitments to historically underutilized businesses. For purposes of this subsection, the term "Historically Underutilized Business" is defined as provided in the Texas Government Code, Chapter 2161, §2161.001(2).

Source Note:The provisions of this §28.48 adopted to be effective September 6, 2000, 25 TexReg 8623; amended to be effective September 28, 2005, 30 TexReg 6048; transferred effective October 1, 2007, as published in the Texas Register September 28, 2007, 32 TexReg 6793.