HAR §6-13-8. Determination of responsibility

The department shall determine whether a project party is a responsible party. The determination shall be made on a case-by-case basis. The following elements shall be considered in making the determination: 13-3 §6-13-8 (1) The experience of the project party in the type of enterprise to be undertaken as a project; (2) The financial condition of the project party and the ability of the project party to make the payments which would be required by the project agreement from revenues derived from the project or otherwise; (3) The security proposed for the loan including, if any, the real or personal property or both proposed to be pledged, mortgaged, or leased, and the presence of a guaranty of a third party (including a controlling party of the project party) who the department determines to be a responsible party; (4) If determined necessary or desirable by the department, a financial feasibility study prepared by an independent party approved by the department, or other projection of the future ability of the project party to repay the loan; (5) The project party's credit reputation, including, if the project has been previously financed, the project party's experience with respect to the prior financing of the project; and (6) Any other factors the department may deem relevant to a determination of responsibility with respect to any project party. [Eff. August 12, 1985] (Auth: HRS §26-38) (Imp: HRS §39A-114) §6-13-9. Project Agreement. Upon a determination of eligibility and responsibility, and with the approval of the governor, the department shall enter into a project agreement with the project party. The project agreement shall in all respects conform to the requirements of part IV, chapter 39A, Hawaii Revised Statutes, including, but not limited to, the provisions described in §39A-115, Hawaii Revised Statutes, and shall contain any additional terms and conditions as the department shall deem necessary or desirable. [Eff. August 12, 1985] (Auth: HRS §26-38) (Imp: HRS §39A-112; 115) §6-13-10. Estimate of benefits. Prior to entering into a project agreement with the department in the form and manner prescribed in the loan application and review procedures, each project party shall estimate the benefits to be derived from financing the project with the proceeds of a loan. The statement of the estimate of benefits shall include an estimate of the number of new job positions directly or indirectly created with respect to the project, an estimate of the direct or indirect potential effect of the project on tax receipts, an estimate of any other direct or indirect economic benefits to be derived from the project, and the basis upon which such estimates have been made. [Eff. August 12, 1985] (Auth: HRS §39A-130) (Imp: HRS §39A-130) 13-4