Application Requirements

Application Requirements. A. The Applicant's certified public accountant, auditor or fiscal officer must verify on official letterhead that the financials reflect the Applicant's ability to repay the loan. The verification must include the source of repayment, i.e., surcharge or other verifiable means of repayment. B. The most current annual audit of the Applicant and the latest financial summary reflecting any additional long-term debt or any changes in their financial position since the last annual audit was prepared must be furnished to the Community Services Division of the Mississippi Development Authority. C. The Applicant must give public notice, as required. (All applicants must use the attached Public Notice and it must have been published within the last six months prior to submittal of the loan application.) D. Once the publication process is complete, a certified copy of the minutes of the Applicant must be submitted showing their decision to proceed with the loan. E. The Applicant must submit cost verifications, which must be on engineer's, contractor's, or architect's original letterhead and signed by the firm's representative. F. Official certification of preliminary project plans and specifications from the project engineer and the operating railroad indicating that the project meets American Railway Engineering and Maintenance-of-Way Association (AREMA) and Federal Railroad Administration (FRA) standards and other necessary compliance requirements must be submitted. G. If applicable, the Applicant will be required to submit three different appraisals no more than three months prior to loan closing on buildings or facilities to be purchased. H. Applicants must fulfill the requirements of the standard application, which must be submitted to MDA for review and acceptance. I. If applicable, the Applicant must provide an award letter or other documentation verifying funding sources.