A. Application for a Loan.
(1) An application for a loan shall be:
(a) Made upon standard forms required by and submitted to the Administration; and
(b) Submitted only by an eligible borrower in accordance with a schedule developed and publicized by the Administration.
(2) If the borrower is a:
(a) Local jurisdiction, the application shall be signed by the local jurisdiction's chief elected officer or, if none, by the governing body to the local jurisdiction;
(b) Public school, the application shall be approved by the board of education of the county in which the project is located and signed by the superintendent of public schools for the county;
(c) Institution of higher learning, the application shall be signed by the president of the institution or other authorized official;
(d) Business entity, the application shall be signed and verified:
(i) If a corporation, by an officer of the corporation;
(ii) If another form of business entity, by a person or official with authority to bind the entity to the commitments required; or
(e) Nonprofit organization, the application shall be signed by the executive director, president, chairman of the board, or other authorized official.
(3) An application for a loan shall be submitted to the Administration and shall contain:
(a) Sufficient information and documentation to determine:
(i) The eligibility of a project in accordance with the criteria set forth in Regulations .04 and .06 of this chapter;
(ii) Whether the terms and requirements of the loan as set forth in Regulation .07 of this chapter can be met; and
(iii) For a business or nonprofit organization, sufficient information to allow the Administration to make a determination about the creditworthiness of the borrower and the risk profile of the loan; and
(b) The following additional information:
(i) Identification of the business, structure or structures, or equipment which will be the subject of a project, including, as applicable, a brief description of the existing condition of the structure or equipment evidencing a need for the project;
(ii) The cost of a proposed project and the amount of dollars committed from private and public resources;
(iii) A project budget identifying all sources and uses of project funds;
(iv) Proposed terms of the loan, including interest rates and repayment schedules;
(v) The type of security, if any, to be provided by the borrower;
(vi) A description of type, amount, and source of the contribution to be made by the borrower;
(vii) As determined by the Administration, the projected energy cost savings to be achieved in dollars, units of fuel, kilowatt-hours, or British thermal units, and the engineering calculations to support these savings estimates; and
(viii) The anticipated environmental benefits in the form of reduced emissions or pollution attributable to the proposed project.
B. Approval Process.
(1) Upon receipt of all the information required by the Program for an eligible project, the Program shall undertake an analysis of each application based on the criteria specified in Regulation .08 of this chapter.
(2) Upon completion of its analysis, the Program shall make recommendations to the Director, including any recommended terms and conditions for a project. After receipt of a recommendation from the program, the Director may approve or disapprove the loan and the terms of the loan.
(3) If the Director approves an application for a loan on the terms recommended by the Program, or other terms that the Director considers proper, the Director shall execute a determination that the loan is authorized by the Act as codified in State Government Article, §§9-20A-019-20A-09, Annotated Code of Maryland. The execution of a determination of this type by the Director shall constitute an approval of a loan and authorize issuance of a commitment letter obligating the Administration to provide the loan and setting forth the amount of the loan and the terms and conditions under which it will be made.
(4) The Director may delegate the responsibilities described in §B(2) and (3) of this regulation, including approval of loans under the Program.
(5) If the Program determines not to recommend approval of an application for an eligible project, the Program shall issue a written notice of rejection.