The board, by resolution, may approve an application for an emergency loan if the board finds:
  (1) that an emergency exists;
  (2) that the political subdivision cannot finance the project without state assistance;
  (3) that in its opinion the revenue or taxes pledged by the political subdivision will be sufficient to meet all the obligations assumed by the political subdivision; and
  (4) that the public interest requires state participation in the project.

Source Note: The provisions of this §363.714 adopted to be effective August 8, 1996, 21 TexReg 7265.