Criteria and Requirements

In undertaking any such loan, the Board of Directors shall be guided by and shall observe the following criteria and requirements; provided, that the determination by the Board of Directors as to its compliance with such criteria and requirements shall be final and conclusive: (1) There is a need for such facilities in the area in which the facilities are to be located; (2) No facilities shall be leased to any public or non-profit agency unless a feasibility study supporting the project’s financing is submitted by the applicant to the Corporation. The study shall contain information as directed by the Corporation. (3) Adequate provision shall be made for the payment of the principal of and the interest on said loan and any necessary reserves therefor and for the operation, repair and maintenance of the facilities at the expense of the lessee(s); and (4) Public facilities, including utilities, and public services necessary for the facilities will be made available." SOURCE: Added by P.L. 20-97:5.