On review and recommendation by the executive administrator, the board may approve an application only if the board finds:     
       (1) the application and the assistance applied for meet requirements of this subchapter and board rules;      
       (2) the application demonstrates a sufficient level of cooperation among eligible political subdivisions and includes all of the eligible political subdivisions substantially affected by the flood project, as described in Section 363.408(b)(1) and (2), as applicable;      
       (3) the taxes or other revenue, or both the taxes and other revenue, pledged by the applicant will be sufficient to meet all the obligations assumed by the eligible political subdivision; and      
       (4) other findings as required in the Flood Intended Use Plan.      
     Source Note:        The provisions of this §363.407 adopted to be effective April 5, 2020, 45 TexReg 2196