§ 2-257. Loan selection, approval and servicing process.

(a)

Over the longer term, the effective management of the ABF capital will be important to the achievement of the overall goals of this division. The IDA board will be responsible for publicizing the availability of the ABF program and for reviewing and recommending approval of construction/purchases/leases to the board of county commissioners. The IDA board will also be responsible for facilitating the loan packaging process which will include the following:

(1)

Meeting and interviewing the potential purchasers/lessees to gain an understanding of the project, its parameters, the principals and the potential structure of the financing package. The goals of this initial interview are to give the applicant specific information about the ABF program, to determine if the proposed project is feasible, and to determine whether the proposed project meets goals of the ABF program.

(2)

Technical and management assistance will be provided by various federal, state and local government agencies, university centers, and other groups composed of persons familiar with the effective administration of the funding process. These agencies will provide sources of funding, development of market feasibility studies, conduct labor and resource surveys, make environmental impact assessments and refer applicants to qualified advisors such as bankers and accountants.

(b)

Applicants for ABF participation are to furnish financial statements and other information necessary to document the ABF application. The application form and documentation allow the IDA board to determine the viability and feasibility of the project and to examine cost reasonableness.

(c)

Completed ABF application packages will be submitted to the IDA board. All purchase/lease proposals, with comments from the IDA board attached, will be forwarded to the board of county commissioners with funding recommendations.

(d)

Applications will be accepted on a continuing basis, and those determined to be complete will be reviewed at the next monthly IDA board meeting.

(Ord. No. 90-55, § 7, 10-25-90)