§110.50. Application Review Procedures

a)         The Department, with assistance from the Financial Advisory Committee, shall evaluate applications for loans and make such evaluations available to the Board.  Evaluation of the loan applications shall be based on, but not limited to, the following criteria: (Section 10 of the Act)

 

1)         The length of time the Applicant will commit to using Illinois Coal in the facility which is modified, acquired or constructed as a result of the Project.  The Applicant must agree to use Illinois Coal for at least the life of the loan as a condition of such loan. (Section 10 of the Act)

 

2)         The total amount of Illinois Coal used. (Section 10 of the Act)

 

3)         The financial feasibility of the Project, the percentage of the Total Project Cost for which State Financing is requested, and the extent to which the Project maximizes the use of private funds or funds from other public sources.  To be financially feasible the Project must have a positive net present value and an internal rate of return equal to or greater than the cost of capital. (Section 10 of the Act)

 

4)         The technical merits of the Project, including but not limited to the effectiveness of the proposed coal-use system in controlling emissions of sulfur dioxide and other pollutants.  The Project's technology must be commercially proven and commercially available. (Section 10 of the Act)

 

5)         The environmental acceptability of the Industrial Coal Project, including the percentage reductions of sulfur dioxide, nitrous oxides and other pollutants. The Industrial Coal Project must comply with all applicable environmental regulations.

 

6)         The type and quantity of fuel displaced by the Industrial Coal Project.

 

7)         The amount of additional loan security provided by the Applicant to the Department, if any.

 

b)         Following its evaluation of the application, the Department shall make a recommendation to the Board regarding the advisability of providing State Financing for the proposed Industrial Coal Project. The Department shall rank the proposals on the above criteria and recommend for funding to the Board the Projects with the lowest cumulative scores.

 

c)         The Department shall use its best efforts to complete the evaluation of applications received and to make its recommendation to the Board in a timely manner.