Loan approval - Demonstration of need

To be approved for a loan under this chapter, the district must submit all information requested by the superintendent and submit the application provided by the superintendent. In order to be approved for a loan under this section, the district must clearly demonstrate and provide narrative, documents, and/or other written evidence that the loan application is necessary to fund: 1. An unanticipated construction project; 2. An unanticipated replacement project; or 3. An emergency repair.