A requestor receiving financial assistance that is required
to be repaid under this subchapter shall agree to:
(1) provide collateral and security for repayment of
financial assistance and completion of the project, or other protections
as the executive director may deem necessary;
(2) repay the financial assistance at the specified
interest rate over a specified time period according to the repayment
schedule;
(3) submit the following financial and operating reports
to the department within 30 days of adoption or disclosure, approved
by the governing body of the requestor and certified as correct by
its chief administrative officer:
(A) the annual operating and capital budgets adopted
by the requestor each fiscal year pursuant to a trust agreement or
indenture or equivalent document securing bonds issued for a project,
and any amended or supplemental operating or capital budget; and
(B) annual financial information and notices of material
events required to be disclosed under Rule 15c2-12 of the United States
Securities and Exchange Commission (17 C.F.R. §240.15c2-12);
and
(4) abide by provisions governing default.
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