Borrower Application Process

Borrower Application Process. The application to be submitted by a Borrower must include: A. The purpose of the proposed loan including a list of eligible items and the cost of each; B. The estimated cost of the total project with a detailed breakdown of all public and private sources of funding; C. The time schedule for implementation and completion of the project, evidencing an expeditious completion of the project; D. Submit company balance sheets, income statements and statements of cash flow for E. the previous three (3) fiscal years and current statements dated within ninety (90) days F. of application; G. Detailed project description, including pictures. H. For local government entities and public schools: (i). Certified proof of publication of the Resolution of Intention of the government entity to apply for an Energy Investment Program loan. The Resolution must be published once a week for at least four (4) consecutive weeks in a newspaper having general circulation in the county; (ii). Upon receiving the results of the publication of the Resolution of Intention, the government entity will need to provide MDA with an execution Resolution of No Protest; (iii). Opinion of counsel from the public schools and/or local government entity addressing the authority to borrow under the Energy Investment Program and to pledge a tax base as collateral for such loan; and (iv). Most recent audited financial statements I. Two (2) copies of the application must be submitted to MDA. As part of the application process, MDA will perform a technical analysis. A technical analysis evaluates the ability of the Borrower to conserve energy or to improve the efficiency of a process through the installation of energy saving measures of the use of an alternative energy source. The technical analysis must clearly explain the measures to be undertaken and detail the energy savings and other revenue benefits attributable to the project. MDA will evaluate the application to determine if the project meets the program criteria and what terms and conditions the loan shall bear.