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Sec. 16. (a) A loan or other financial assistance from either fund must be accompanied by the following:
(1) All papers and opinions required by the authority.
(2) Unless otherwise provided by the guidelines of the authority, the following:
(A) An approving opinion of nationally recognized bond counsel.
(B) A certification and guarantee of signatures.
(C) A certification that, as of the date of the loan or other financial assistance:
(i) no litigation is pending challenging the validity of or entry into the loan or other financial assistance or any security for the loan or other financial assistance; or
(ii) if litigation is pending, the litigation will not have a material adverse effect on the validity of the loan or other financial assistance or any security for the loan or other financial assistance.
(D) If litigation is pending, as an alternative to the certification described in clause (C), an opinion of legal counsel that the litigation will not have a material adverse effect on the validity of the loan or other financial assistance.
(E) Documentation demonstrating that the participant has the financial, managerial, technical, and legal capability of operating and maintaining its water or wastewater collection and treatment system.
(b) Each participant:
(1) to which; or
(2) for the benefit of which;
a loan would be made or the other financial assistance would be provided under this chapter must demonstrate that it has developed or is in the process of developing an asset management program as defined in the guidelines of the authority.
Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-1.2-10-16 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-1-2-10-16/
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