SECTION 200:20-7-4. Conditions for disbursements

(a)   After an application for assistance has received final approval from the Authority, the following conditions and requirements shall be met prior to the release and disbursement of any funds:

(1)   Applicant and Authority, and all other necessary parties, shall have executed all necessary and incidental instruments and documents for loan closing, including but not limited to all mortgages, notes, financing statements and pledges of project security and revenues where appropriate.

(2)   If not previously provided, if applicable, applicant shall provide Authority with a written and verified statement setting forth:

(A)   the amount of funds necessary for release and disbursement at closing which funds are needed for initial commencement of the project, and

(B)   information reflecting the reasonable availability of and/or a commitment from all other revenue or funding sources needed to finance and complete the project.

(3)   Prior to any financing, a complete disclosure of all fees relative to the project will be disclosed to the Authority and the Authority shall review said fees for reasonableness.

(4)   The selection of the Trustee bank or banks and paying agents as approved by the Authority.

(b)   At the time of and upon compliance with the requirements in (a) (2) of this Section, and such other requirements as may be determined by the Authority, the Authority may issue one or more issues or series of revenue bonds or notes in an aggregate principal amount as agreed to by the Authority and applicant.