(1) If an applicant's proposal is approved and determined to be appropriate for funding by a loan pursuant to ARM 17.84.103, the department will provide the applicant with a letter of authorization for loan consideration.

(2) The letter of authorization for loan consideration will certify to financial institutions that:

(a) the applicant's proposal is consistent with the purposes of the Act and these rules; and

(b) the department will consider participation in a loan made by a financial institution for the purposes described in the proposal subject to the availability of funds.

(3) The department will describe in the authorization for loan consideration such terms and conditions as it considers necessary for the department's participation in a loan made by a financial institution for the proposed project.