75-5-1112. Evaluation of projects and loan applications. The department of natural resources and conservation and the department shall evaluate projects and loan applications. In evaluating projects and loan applications, the following factors must be considered:

(1) the technical design of the project to ensure compliance with all applicable statutes, rules, and design standards;

(2) the financial capacity of the municipality or private person to repay the loan;

(3) the financial, managerial, and technical ability of the municipality or private person to properly operate and maintain the project;

(4) the feasibility of project completion given the total financing available;

(5) the ability of the municipality or private person to pay the costs of the project without the requested financial assistance;

(6) the total amount of loan funds available for financial assistance in the revolving fund;

(7) the total amount requested in other applications that have been received or that are likely to be received;

(8) the ranking of the project on the priority list or intended use plan; and

(9) any other criteria that the department determines appropriate, considering the purposes of the federal act and the program.