In order to be eligible for assistance through the state infrastructure bank, a borrower shall submit an application on a form prescribed by the director. The application shall include a complete description of the project, sources and use of funds, repayment sources, and financial justification for the assistance. The director shall determine the completeness of the application. The director may request the assistance of other state agencies to review the application and submit recommendations. The director may request additional information from the borrower as necessary.
The director shall approve or disapprove the application and shall notify the borrower of his determination. If an application is approved, the director shall deliver to the applicant a term sheet outlining the terms of the financial assistance. The director and borrower shall coordinate preparation of any documents needed to finalize the financial assistance.