Section 312IAC27-3-1. Consideration of flood control revolving fund

   The department may loan money from the fund to a local unit if each of the following conditions are met:

(1) The state budget agency determines the fund has sufficient available money.

(2) The local unit submits a completed application for a loan under IC 14-28-5-9.

(3) The local unit adequately documents a plan for and the ability to repay the loan. A local unit that:

(A) is seeking to borrow from the fund; and

(B) has outstanding financial commitments affecting the ability to repay the loan;

shall include copies of the commitments with the application.

(4) The local unit provides an ordinance or resolution, enacted by the governing board of the local unit, that authorizes the flood control program.

(5) The local unit agrees to do each of the following:

(A) Maintain all papers, accounting records, and other documents pertaining to the flood control program for which the loan was secured.

(B) Make available at all reasonable times to the department, for inspection and copying at the offices of the local unit, the documents described in clause (A).

(C) Allow the department to conduct inspections of facilities used for instituting, accomplishing, or administering an approved flood control works.

(6) The flood control program and any appurtenant works conform to the requirements of IC 14-28-5 and this article.

(Natural Resources Commission; 312 IAC 27-3-1; filed Jan 6, 2010, 4:12 p.m.: 20100203-IR-312090199FRA)