Sec. 8. (a) The department shall determine the allocation of loan funds among eligible applicants. However, the total amount of loans under this chapter may not exceed the balance in the loan fund.

     (b) An application for a loan must comply with the following:

(1) Be accompanied by a request for the loan in the form of a resolution adopted by the applicant’s fiscal body in the case of an eligible entity or the applicant’s governing board in the case of an airport authority.

(2) Be accompanied by a plan for repayment that is determined by the department to be an adequate plan.

(3) Meet all requirements for a grant from the fund, but not be the recipient of such a grant.

(4) Meet all requirements that the department establishes.

As added by P.L.34-1990, SEC.2.