Any public body receiving a loan from the fund shall: (1) Appear on the annual project priority list to be identified for funding under the clean water act; (2) Submit an application to the department; (3) Establish and maintain a dedicated source of revenue or other acceptable source of revenue for the repayment of the loan; and (4) Demonstrate to the satisfaction of the department that it has sufficient legal authority to incur the debt for which it is applying.
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