(a)
The authority shall take initial action on any completed application for financing submitted to it by a participating party no later than the next meeting of the authority that occurs after at least 30 days following receipt of the application. The authority may delegate to its executive director or any other official or employee of the authority to grant initial approval for financing to a participating party.
(b)
The authority shall take final action with regard to the issuance of bonds or notes to lend
financial assistance to a participating party within 60 days of receipt by the authority of a request from the participating party for the issuance of bonds or notes.
(c)
A request from a participating party for final approval of the issuance of bonds or notes shall be accompanied by evidence of the fulfillment of all conditions to the issuance of the bonds or notes and by copies of forms of all principal legal documents to be approved by the authority, which shall be satisfactory in form and substance to the Attorney General.
(d)
The authority may give final approval for the issuance of bonds or notes upon terms as it deems necessary and desirable.