Local Participation

(1) Any county desiring to participate in the loan pool shall appropriate reserve or dedicate revenues to fund its respective local portion prior its acceptance by THDA to participate in the loan fund pool created by this Act. (2) A county which desires to participate in the loan fund pool established by the Act, or subsequent legislation providing for such participation, shall file with THDA, within 90 days following the effective of such legislation, its intent to participate and the extent of its financial participation. (3) The notice and extent of financial participation shall be by letter from the Executive or chief elected official of such county and shall have attached evidence of such county’s action. The evidence shall indicate that the county has taken the necessary action as required in that county to appropriate, reserve or dedicate revenues, i.e., resolution, budget, etc. The letter shall certify that the action taken was the appropriate action. Any notice received prior to promulgation of these regulations shall be considered as notice sufficient to meet the requirements of these regulations provided that supporting documentation is provided prior to the effective date of these regulations. (4) THDA shall accept only one application to establish a loan fund per county. The notice shall be considered the application. (5) In the absence of an application by any county, an incorporated municipality located within such county may file an individual or, with other municipalities in the county, a joint application, but with such county’s sponsorship.