The Director shall not finance a water project unless, before financing: 1. The water project has been finally approved by the Board after a public hearing on the matter. 2. The Director finds and the State Board of Finance approves the findings of the Director that: (a) The contemplated lessee, purchaser or other obligor has sufficient financial resources to place the water project in operation and to continue its operation, meeting the obligations of the lease, purchase contract or financing agreement; (b) There are sufficient safeguards to assure that all money provided by the Director will be expended solely for the purposes of the water project; and (c) The total amount of money necessary to be provided by the Director for financing the water project has been determined in writing by the Board on a form acceptable to the Director. 3. For the issuance of state securities, the Director and the State Board of Finance have received and approved the authorizing documents showing the legal authority for the obligor to borrow and repay the proceeds of the state securities. 4. For the issuance of revenue bonds, the Director and the State Board of Finance have received and approved: (a) The financial plan showing that the revenues to be derived from the water project are adequate to pay the principal and interest on such bonds; (b) A 5-year operating history from the contemplated lessee, purchaser or other obligor or from a parent or other guarantor, who guarantees the payments of principal and interest on any bonds issued; and (c) A written statement from the obligor affirming that the obligor does not undertake to commit the State, and any political subdivision or municipality thereof to incur any pecuniary liability in connection with the issuance of the bonds.
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