(a) An application to refinance existing debt for eligible projects may be accepted by the executive administrator when sufficient funds are available to provide refinancing. If refinancing funds are available in an IUP, then the eligible Applicant shall describe the need for the eligible project and provide other specific information detailed in the project information form or otherwise requested by the executive administrator.
(b) An application for refinancing of existing debt shall be the same as an application for financial assistance under this chapter. The executive administrator may consider an application for refinancing when:
  (1) the project meets all of the requirements under this chapter, including information evidencing that the environmental review, programmatic requirements, and engineering criteria meets the criteria required under law and this chapter for the same or similar projects; and
  (2) the federal tax regulations allow such refinancing.

Source Note: The provisions of this §371.33 adopted to be effective August 4, 2010, 35 TexReg 6680; amended to be effective July 30, 2012, 37 TexReg 5602; amended to be effective July 4, 2016, 41 TexReg 4844