OAR 172-005-0010: Processing of Applications

(1) Upon receipt of a substantially complete application for financing and review thereof by the Executive Director and the Authority's financial advisor and bond counsel, the Executive Director shall, at the earliest practicable time, call a meeting of the Authority by giving notice thereof in the manner required by law, and shall place on the agenda for the meeting such substantially complete application for consideration by the Authority. For purposes of this section, an application shall be deemed to be substantially complete if it contains all required information and is accompanied by all required supporting materials other than the feasibility study (if required), the commitment for credit enhancement (if any), the 501(c)(3) determination letter from the Internal Revenue Service and such other items and information the absence of which, in the judgment of the Executive Director, will not materially impair the ability of the Authority to properly evaluate and act upon the application. (2) The Executive Director shall cause a copy of each application to be delivered to each member of the Authority, the Treasurer, bond counsel and the financial adviser as soon as practicable after receipt and review thereof by the Executive Director. In addition, within a reasonable time prior to the meeting of the Authority at which an application is to be considered, the Executive Director shall deliver to each member of the Authority the Executive Director's written summary of the proposed project and financing and any recommendations with respect thereto.