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CFR · 2024-01-01 · US · Title 7

(a) (1) (2) (3) (i) The sponsoring local organization: (A) Has legal authority to construct and operate the proposed facility, borrow money, give security, incur debt, and generate revenue needed for operation, maintenance, reserves, debt payment, and other cash requirements. (B) Is a sponsor or cosponsor of the WS plan or RCD work plan and is otherwise eligible for assistance. (ii) Funds will be used for authorized purposes. (iii) The source of income to be pledged for debt payment and the security proposed is adequate. (iv) Actions required for loan closing are administratively satisfactory, legally sufficient and properly documented in accordance with Agency regulations. (4) (i) A copy of the WS works of improvement agreement or RCD measure agreement. (ii) A copy of the Operation and Maintenance Agreement between NRCS and the WS or RCD sponsoring local organization for the WS works of improvement or the RCD measure. (iii) A statement from the NRCS State Conservationist concurring in the feasibility of the WS work of improvement or RCD measure and that NRCS is providing financial and/or technical assistance in accordance with applicable WS or RCD authorities. (5) (6) (b) (i) All documents are accurate and complete. (ii) The proposed loan complies with WS and RCD program policies and procedures of both RUS and NRCS. (iii) Security is adequate and the repayment plan is sound. (iv) Funds requested are for authorized purposes. (v) Actions are in compliance with requirements of

official document · source cfr-2024 · id 7:§ 1781.17