The board by resolution may approve an application for a loan if the board finds that:
  (1) the public interest requires state participation in the project;
  (2) the revenue or taxes pledged will be sufficient to meet all the obligations assumed by the rural community during the loan period; and
  (3) the project meets needs in a manner consistent with the State Water Plan.

Source Note: The provisions of this §363.923 adopted to be effective November 7, 2001, 26 TexReg 8848