Section 324.5311 - Order of approval; certification of eligibility; establishment of interest rates(1) The department shall review a complete application for assistance for a project in the fundable range. If the department approves the application for assistance, the department shall issue, subject to section 5310, an order of approval to establish the specific terms of the assistance. The order of approval must include, but is not limited to, all of the following: (a) The term of the assistance.(b) The maximum principal amount of the assistance.(c) The maximum rate of interest or method of calculation of the rate of interest that will be used, or the premium charged.(2) The order of approval must incorporate all requirements, provisions, or information included in the application and other documents submitted to the department during the application process.(3) After issuance of the order, the department shall certify to the authority that the municipality is eligible to receive assistance.(4) The department shall annually establish the interest rates to be assessed for projects receiving assistance under this part. In establishing interest rates under this section, the department may provide for a different level of subsidy. The interest rates must be in effect for loans made during the next state fiscal year.Amended by 2022, Act 132,s 12, eff. 6/30/2022.1994, Act 451, Eff. 3/30/1995.