Section 951.10. Approval of applications; priority for loans

(a) At each regularly scheduled meeting the Board will consider the Department’s recommendations and other competent information relating to the applications before the Board and will establish a priority list among the approved applications in each loan category, subject to the following conditions:

(1) The Board will approve, deny or defer each loan application under consideration and will decide upon the priority among the aproved applications in each loan category in accordance with factors in section 7515 of the act (relating to priorities for loans).

(2) The Board may approve applications and place them on the priority lists until it has committed all of the funds allocated for loans in the Water Facilities Loan Fund plus not more than 50% of the funds forecast by the Office of Budget for the Water Facilities Loan Program from the next issue of Water Facilities Loan Program bonds.

(3) The Board will commit funds to approved project applications in the numerical order that each project appears on the priority list within each loan category. Successive Board actions will add to, but will not rearrange, the priority lists.

(4) A deferred application will have no higher priority or ranking at any subsequent Board meeting than any other application under consideration.

(b) The Board retains the discretion to modify procedures in emergencies or other extraordinary circumstances.