Project Requirements

Project Requirements. A. The Applicant must be an incorporated municipality or a county; B. The Applicant must follow all state procurement and purchase laws. If an applicant has not advertised for bids within 120 days after receiving loan approval, the state will have the option to recall the funds; C. If two separate local units of government jointly fund a project, the Applicants must have an inter-local agreement with the Attorney General’s approval; D. 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; E. The Applicant’s certified public accountant, auditor, or fiscal officer must furnish to MDA the most current annual audit 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; F. 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); G. Once the publication process is complete, a certified copy of the Applicant’s minutes must be submitted to MDA showing their decision to proceed with the loan; H. The Applicant must fulfill the requirements of the standard application, which must be submitted to MDA for review and acceptance; I. The Applicant must provide documentation verifying other funding sources, if applicable; J. Prior to the execution of a loan agreement, relevant parties to the project shall enter into an agreement, in a manner acceptable to MDA that stipulates the terms of the energy infrastructure investment and responsibilities among parties. Agreement can be defined as an MOU or similar acceptable document; K. Commitment Letter from private sources, if applicable; L. The project must meet all applicable local, state, and federal requirements, including obtaining any required Mississippi Public Service Commission’s approval prior to loan agreement being signed. Miss. Code Ann. § 57-40-1 et. seq. (1972, as amended).