Loan Approval Process
Step 1
. . . . . Qualified participant submits
completed Initial Project Application.
Step 2
. . . .
. The Office of Finance
& Forecasting within the ODOT will receive and review
the application. If appropriate,
other State agencies will review the application and submit recommendations. Additional
information from the applicant may be necessary and should be available upon request.
Step 3 . . . . . If a project is
funded with Federal funds, all Federal regulations must be followed.
Step 4
. . . . . The applications will be presented to the SIB Loan Committee and
either approved, disapproved, or approved
with modifications.
Step 5
. . . . . If the application is
approved by the SIB Loan Committee, a term sheet outlining the transaction will be prepared
and submitted to the applicant for approval.
Step 6
. . . . . The SIB Loan Committee may negotiate the term sheet with the borrower.
Step 7 . . . . .
Term
sheet is signed by the Borrower.
Step 8
. . . . . Final term sheet is signed and the borrower is notified
of approval.
Step 9 . . . . . The loan documents are then prepared by legal
counsel and submitted to all parties for approval.
Step 10 . . . .
The loan agreement is signed by the borrower and the ODOT Director.
Loan funds are available for disbursement when all the documentation
in section 3.4 of the agreement has been submitted.
Documentation/Closing Process
Depending upon the complexity of the project, the legal documentation may take an
additional two to eight weeks to negotiate prior to closing. A list of the major documents
required for closing include:
Loan Documents Description
Loan Agreement:
A comprehensive document between the
borrower and ODOT that includes all the terms and conditions of the loan.
Security Agreement: A document between ODOT and borrower that includes all
the covenants and conditions of the assets securing the loan.
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