Review and findings of Director; commitment for loan.

1. Upon receipt of a resolution of the Board giving final approval to a water project, the Director will review all documents pertaining to the project. If the project complies with all applicable legal requirements, the Director will prepare findings and submit them to the State Board of Examiners for approval as required by law. 2. If the State Board of Examiners approves the Director’s findings, a loan commitment may be made by the Director. If such a commitment is made, the Director will enter into a contract specifying the amount of the loan, schedule of the loan, charges for interest, schedule for repayment, escrow agent, and other terms covering security and the operation and maintenance of the water project.