An eligible entity shall submit an application to the executive director in a form prescribed by the department. An original application and five copies are to be delivered to the executive director. The application must, at a minimum, include the following information:     
       (1) an overview of the project, which shall include a description of the project (location and scope), the total cost of the project, and the amount and proposed use of the requested private activity bond allocation;      
       (2) a copy of the resolution authorizing the issuance of bonds adopted by the eligible entity;      
       (3) financing and development team information, including the proposed issuer of the bonds, the borrower, and any other key participants (with prior experience in projects similar to the project proposed listed);      
       (4) project development schedule, including timelines for major financial milestones (particularly the date for issuance of the private activity bonds) and major construction milestones (permits, environmental, right of way, etc.);      
       (5) estimated project cost information, including a summary of capital costs by category, table of all project costs by category, identification of costs that are eligible for private activity bond funding, and a project expenditure schedule by category type;      
       (6) identification of other (in addition to private activity bonds) project funding sources and a construction period sources and uses table;      
       (7) assumptions used for private activity bond financing (terms, rate, structure, reserves, legal provisions, etc.), as well as other funding sources;      
       (8) cash flow operating pro forma, with a narrative description of and assumptions on traffic and revenue (including supporting documentation) and operating and maintenance costs;      
       (9) the proposed pledge of collateral or security, including the priority of claim, for repayment of the private activity bonds and other funding sources;      
       (10) identification of any financial assistance, guarantees, or credit enhancement;      
       (11) draft bond counsel opinion letter;      
       (12) a description of the need for the project and how the project will reduce congestion, enhance economic opportunity, enhance safety, improve air quality, and increase the value of transportation assets;      
       (13) identification of any revisions or changes to state highway system facilities necessitated by the project;      
       (14) a description of Title 23 or 49, United States Code funding received by the project, including the date (or anticipated date) of receipt and types and amount of financial assistance; and      
       (15) any additional information the department deems necessary to fully consider the application.      
     Source Note:        The provisions of this §5.85 adopted to be effective June 14, 2007, 32 TexReg 3371