From time to time, the governing body of the Authority may establish one or more funds for the purpose of making loans or grants, or both, to governmental agencies or persons, or any combination of agencies or persons, for the acquisition or construction, or for planning the acquisition or construction, or for the conduct, of projects pursuant to Chapter 6121 or 6123 of the Revised Code, or both. With respect to each such fund, the governing body shall establish a separate program of the authority by complying with the requirements of this rule. Prior to making any loans or grants from any program fund, the governing body shall approve all of the following:
(A) A set of applicant eligibility criteria to be used as non-binding guidelines for approving loans or grants from the fund;
(B) One or more standard form agreements to be used as non-binding guidelines for negotiating and executing loan or grant participation agreements between the authority and program fund applicants;
(C) For the purpose of loans from the fund, one or more standard formulae or methods to be used as non-binding guidelines in determining interest rates, if any, to be charged to borrowers from the fund under participation agreements executed between the authority and applicants;
(D) Any other non-binding guidelines that the governing body approves for use in implementing the program.