Any public body receiving a loan from the fund shall:
(1) Appear on the annual project priority list to be identified for funding under the clean water act;(2) Submit an application to the department;(3) Establish and maintain a dedicated source of revenue or other acceptable source of revenue for the repayment of the loan; and(4) Demonstrate to the satisfaction of the department that it has sufficient legal authority to incur the debt for which it is applying. 2016 c 88 § 5; 1988 c 284 § 6.