However, the total amount of loans under this chapter may not exceed the balance in the loan fund.(b) An application for a loan must comply with the following:(1) Be accompanied by a request for the loan in the form of a resolution adopted by the applicant's fiscal body in the case of an eligible entity or the applicant's governing board in the case of an airport authority.(2) Be accompanied by a plan for repayment that is determined by the department to be an adequate plan.(3) Meet all requirements for a grant from the fund, but not be the recipient of such a grant.(4) Meet all requirements that the department establishes.As added by P.L.34-1990, SEC.2.
Indiana Legal Code