HAR §6-164-25. Corporation action

(a) The corporation may accept a request that program funds be allocated or may deny a request for program funds for a project. The corporation may also defer action on any request for project funds and may request that additional information be submitted. If the corporation accepts a request that program funds be allocated for a project, the corporation must make specific findings that the use and application of program funds for the project are consistent with the purposes of the program and must submit a recommendation to the governor that program funds be allocated for the project. (b) For any project that the corporation recommends to be assisted by program funds, the corporation shall provide the governor with a summary of the project to be developed. The summary shall include: (1) The various aspects of the project, including any projects or loan programs to be a part of the program; ( 2) The methods of financing the_project or loans; ( 3 ) If applicable, how the program funds will be returned to the program; (4) Specific findings that the application of program funds will meet the requirements of the program and that the application of program funds will comply with the primary objectives of the program; (5) Other information which the corporation deems relevant; and ( 6) Other information as the governor may request. [Eff OCT 251999 ] (Auth: HRS 164-10 2236 §15-164-27 §201G-225) §15-164-26 Commitment of program funds~ Program funds may be committed in participation with other lenders. The corporation shall not issue nor make any commitment of program funds for any project unless the corporation has first made a determination that the purposes and amounts for which program funds are to be applied are consistent with the purposes of the program and the governor has approved the commitment of program funds for the project. All commitments for program funds shall be made subject to availability of program funds. [Eff OCT 2 5 1999 ) (Auth: HRS §201G-225) (Imp: HRS §201G-223)