§ 10-10-105. FINANCIAL ASSISTANCE - APPLICATION AND APPROVAL.

(a)

Inapplicability. This section does not apply to a loan issued under Subtitle 2 of this title.

(b)

Applicants to use form. An applicant for financial assistance shall apply on a form required by the Directors of Budget and Finance and Economic and Workforce Development.

(c)

Form. The financial assistance application form shall require an applicant to supply information necessary to evaluate the requested financial assistance including:

(1)

Need;

(2)

Financial ability of the applicant;

(3)

Sources of repayment;

(4)

Proposed costs and expenditures;

(5)

Fair value of completed projects;

(6)

Normal or useful life of equipment or buildings;

(7)

Security for the transaction;

(8)

Contribution to the economy of the county; and

(9)

Any other information that may be appropriate or useful in evaluating the application.

(d)

Review and approval by the Director of Economic Development. The Director of Economic and Workforce Development:

(1)

Shall review financial assistance applications for need and financial ability of the applicant; and

(2)

May approve a financial assistance application up to the amount requested, if sufficient monies exist in the fund.

(e)

Assistance of the Director of Budget and Finance. To assist the Director of Economic and Workforce Development and to assure compliance with generally accepted accounting principles and borrowing purposes, the Director of Budget and Finance may:

(1)

Review the applications, financial status, and other information; and

(2)

Advise the Director of Economic and Workforce Development.

(1988 Code, § 15-353) (Bill No. 149-93, § 1, 11-22-1993; Bill No. 49-96, § 9, 7-1-1996; Bill No. 66-96, § 2, 6-7-1996; Bill No. 83-00, § 2, 7-1-2004; Bill No. 15-13, § 1, 4-14-2013; Bill No. 71-13, § 1, 2-3-2014)