Section 44.88.525 - Conditions of debt refinancing guaranteeThe authority may not guarantee refinanced debt
(1) unless the refinancing (A) is necessary to extend substantial debt payments over a longer period of time, thereby improving the applicant's net cash flow and working capital position consistent with the useful life of the assets being refinanced;(B) assists with short-term debt or cash expenditures when lenders will not extend reasonable longer terms to the applicant; and(C) creates additional economic opportunity or improves the viability of the borrower rather than just reducing the liability of the lender; or(2) unless the refinancing is necessary to place a permanent loan subsequent to an interim loan for financing of the project.