15A NCAC 01L .0502. FINANCIAL NEED OF APPLICANT

Maximum Value‑‑15 Points:

(1)                 The financial need of the applicant will be determined by the following formula:

 

Points =   50 (Total Bonded Indebtedness plus Total Estimated Project Cost)

Total Appraised Property Valuation

 

"Total bonded indebtedness" includes all outstanding bonds as of the first day of the quarter in which the project application is eligible for consideration for the assignment of a priority, but shall not include bonds already authorized or sold to finance the proposed project.

"Total appraised property valuation" refers only to real property valuation based on the most recent

appraisal for tax purposes as officially recorded in the county or counties in which the service area of

the proposed project is to be located.  "50" is used in the formula to provide point values for this

categorical element.                                                                                                                             5 points

(2)                 The applicant is located within a county which has been designated as "distressed"

by the Secretary  of Commerce in accordance with G.S. 105-130.40(c),

G.S. 105-151.17(c) and G.S. 143B-437A.                                                                                      10 points

 

History Note:        Filed as a Temporary Rule Eff. March 8, 1994, for a period of 180 days or until the permanent rule becomes effective, whichever is sooner;

Authority S.L. 1998, c. 132, s. 10;

Eff. July 1, 1994.