California Boating Law

TITLE 14

5173

DEPARTMENT OF BOATING AND WATERWAYS

(k) ‘‘Unpaid Balance.’’ Total outstanding debt, including principal, inter- est and penalties, if applicable. NOTE: Authority cited: Sections 63.9(e) and 76.8, Harbors and Navigation Code. Reference: Sections 76.3 and 85.2, Harbors and Navigation Code. 5172. Application. (a) Loan Application: An application for any loan under Section 76.3 of the Harbors and Navigation Code shall be filed with the department and shall include a copy of: (1) Federal income tax returns for the business and/or owners and partners, as requested by the department, for the three years immediately preceding an application for a loan. Federal income tax returns shall not be released by the department, except with permission of an applicant or borrower, unless ordered, as specified by court order. (2) All land and water use permits required such as by federal, state and local planning agencies needed to develop the project. (3) An ‘‘as is’’ or current appraisal of any assets to be used as loan collateral required by the department. (4) Preliminary construction plans, including a site plan and any normally required engineering. (5) Preliminary title report for any property used as loan collateral. (6) A feasibility study containing sufficient information and detail to demonstrate that the project is engineeringly and financially feasible. (7) Evidence of compliance with the California Environmental Quality Act [Division 13 (commencing with Section 21000) of the Public Resources Code]. (8) A list of all costs incurred by the borrower in processing and obtaining loan proceeds. (9) The proposed method and means of retiring the loan, meeting other financial obligations of the project, and, if the project is to be undertaken with funds in addition to the construction loan applied for, a funding plan indicating the sources of such additional construction funds. NOTE: Authority cited: Sections 63.9(e) and 76.8, Harbors and Navigation Code. Reference: Sections 76.3, 76.4 and 85.2, Harbors and Navigation Code. 5173. Application Review. (a) The borrower’s formal application will be judged as to the following principal considerations: (1) Engineering feasibility, including a determination as to whether or not the project can be developed within the total amount of funds to be made available. (2) Financial feasibility, including an analysis of the availability of capital to finance construction to completion, market analysis or market survey to determine the financial feasibility of the project, anticipated berthing and

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