830 R.I. Code R. 830-RICR-10-05-3.9

Current through November 21, 2024

Section 830-RICR-10-05-3.9 - Loan Approval Process

A. Loan approvals are subject to the following terms:

1. That the loan complies with all applicable federal, state and Bank laws, rules and regulations;

2. That the loan and debt service requirements be approved by any applicable regulatory agency;

3. That a satisfactory loan agreement be signed by all parties to the transaction; and

4. That the loan will be made subject to availability of funds.

B. The Bank will conduct a financial analysis for each loan application which may include, but not be limited to:

1. Sources of revenue and financial liquidity;

2. Historical and projected financial operating results;

3. Present and future debt service requirements;

4. Impact of dedicated user fees and/or general revenues;

5. Cost of the Project and completion schedule;

6. Socioeconomic conditions and trends;

7. Management qualifications and experience;

8. Effects of legal structure and any regulator control; and

9. Any other information that the Bank may require.

C. If the Board approves the loan application, a commitment letter will be issued to the Borrower for their acceptance, outlining the terms and conditions of the loan.

830 R.I. Code R. 830-RICR-10-05-3.9

Adopted effective 2/19/2024