(a) The executive administrator may accept applications to refinance existing debt for eligible projects when sufficient funds are available. If refinancing funds are available, then the Applicant shall describe the need for the eligible project and provide other specific information detailed in the project information form or as 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 required meets the criteria 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 §375.11 adopted to be effective September 8, 2010, 35 TexReg 8126; amended to be effective July 30, 2012, 37 TexReg 5615; amended to be effective September 11, 2014, 39 TexReg 7171; amended to be effective July 4, 2016, 41 TexReg 4853