The board, by resolution, may approve the application if it finds that:
  (1) the application and the assistance applied for meet the requirements of this subchapter and board rules;
  (2) the revenue or taxes, or both revenue and taxes, pledged by the applicant will be sufficient to meet all obligations assumed by the political subdivision; and
  (3) the project will meet water needs in a manner consistent with the state and regional water plans as required by Texas Water Code, §16.053(j).

Source Note: The provisions of this §363.1209 adopted to be effective December 25, 2007, 32 TexReg 9721