§87. Applications for funding; project eligibility limitations

A. Notwithstanding any provision of the law to the contrary, and in addition to the authority to lend or borrow money or to incur or guarantee indebtedness provided by any other provisions of the law, the Bank may provide loans and other financial assistance pursuant to a cooperative endeavor agreement from sums on deposit in and credited to the fund to a qualified borrower for all or part of the eligible costs of an eligible transportation project. However, this Subpart shall not be deemed to be the exclusive authority under which a governmental unit may borrow money or incur indebtedness for eligible transportation projects.

B. The board shall determine the form and content of loan applications, financing agreements, and loan obligations including but not limited to the term and rate or rates of interest on a financing agreement. A financing agreement may contain, in addition to financial terms, provisions relating to the regulation and supervision of an eligible transportation project, or other provisions as the board may determine appropriate. The terms and conditions of a loan or other financial assistance from federal accounts shall comply with applicable federal requirements.

C.(1) Following approval of a project by the department, the board shall determine which projects are eligible transportation projects from all applications submitted.

(2) In selecting eligible transportation projects, the board shall consider the projected feasibility of the project, the amount and degree of risk to be assumed by the Bank, and the level of local financial support for the eligible transportation project as evidenced by resolutions of the governing bodies in the area the project will be located.

(3) In addition, the board may consider the following non-exclusive criteria in making its determination that a proposed project is an eligible transportation project:

(a) In-kind contributions to the project.

(b) The maximum economic benefit, enhancement of mobility, enhancement of public safety, acceleration of project completion, and enhancement of transportation services.

(c) The ability of the governmental unit to repay a loan according to the terms and conditions established pursuant to this Subpart, consideration of which may include, at the option of the board, the existence of its current investment grade rating on existing debt of the applicant secured by the same revenues to be pledged to secure repayment under the loan repayment agreement.

Acts 2015, No. 431, §2.