§ 4772 - Qualifications for eligibility; certification
§ 4772. Qualifications for eligibility; certification
No loan to an applicant shall be made under this subchapter until:
(1) The applicant has certified to VEDA that:
(A) all state and federal permits and licenses, including land use, subdivision, water supply and wastewater permits and water supply construction and operating permits necessary to undertake the project for which financing has been sought will be obtained prior to expending construction funds under the loan;
(B) the applicant has established a rate charge or assessment schedule which will generate sufficient revenue to pay the principal and interest on the loan and to pay reasonably anticipated costs of operating and maintaining the financed project and the system of which it is a part. VEDA may require that the rate charge or assessment schedule be approved by VEDA prior to approving a loan. Nothing in this subchapter shall affect the obligation of an applicant who is subject to the jurisdiction of the public service board under section 102 and subdivision 203(3) of Title 30 to obtain prior approval of a rate change from such board pursuant to section 225 of Title 30;
(C) if the applicant is subject to the jurisdiction of the public service board under section 102 and subdivision 203(3) of Title 30, it has obtained the following approvals and has provided VEDA with copies of those approvals:
(i) the certificate of public good issued by the public service board pursuant to section 231 of Title 30 (public good) and section 108 of Title 30 approving the loan; and
(ii) the decision and order of the public service board approving rates that are to be charged by the applicant.
(2) The secretary has certified to VEDA that:
(A) the applicant and the project qualify for financing or assistance under section 4773 of this title and that the project has priority for receipt of financial assistance; and
(B) the applicant has or as a result of the proposed project will have the technical, managerial and financial capability to ensure compliance with the requirements of the federal Safe Drinking Water Act as amended. (Added 1997, No. 62, § 75, eff. June 26, 1997; amended 1997, No. 134 (Adj. Sess.), § 5.)