§ 5-573. Application

   (a) In general. -- To apply for financial assistance from the Program under this part, a principal and, if applicable, a surety shall submit to the Authority an application on the form that the Authority provides.

(b) Contents. -- The application shall include:

   (1) a detailed description of the project;

   (2) an itemization of known and estimated costs;

   (3) the total investment required to perform the contract;

   (4) the working capital available to the principal;

   (5) the bonding assistance sought;

   (6) information that demonstrates the inability of the principal to obtain adequate bonding on reasonable terms and conditions through normal channels without assistance from the Program;

   (7) a current balance sheet, a profit and loss statement, and credit references about the financial status of the principal;

   (8) a schedule of the status of existing and pending contracts; and

   (9) any other relevant information the Authority requests.

(c) Audited balance sheet. -- The Authority may require an applicant to provide an audited balance sheet before the Authority approves or denies the application.

(d) Effect of previous default. -- The Authority may not approve a guaranty or bond under this part for a principal that has defaulted on a loan or guaranty from the Authority unless:

   (1) 2 years have passed since the time of the default; and

   (2) the principal has cured any default in any financing program administered by the Department.

HISTORY: An. Code 1957, art. 83A, § 5-1038; 2008, ch. 306, § 2.