Section 15.208 - Approval of Application(a) After notice and hearing, the board by resolution may approve an application if, after considering the information in the application and presented at the hearing, criteria established by this subchapter, and the rules and other relevant factors, the board finds:(1) that the bonds are being issued to finance a project that serves the public interest;(2) that there is strong evidence and a high degree of certainty that the issuer will be able to meet its obligations under the bonds; and(3) that an applicant proposing surface water development has the necessary water right authorizing it to appropriate and use the water which the project will provide.(b) Repealed by Acts 2019, 86th Leg., R.S., Ch. 886 (H.B. 3339), Sec. 16(3), eff. September 1, 2019.(c) Repealed by Acts 2019, 86th Leg., R.S., Ch. 886 (H.B. 3339), Sec. 16(3), eff. September 1, 2019.(d) Repealed by Acts 2019, 86th Leg., R.S., Ch. 886 (H.B. 3339), Sec. 16(3), eff. September 1, 2019.Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 886,Sec. 16, eff. 9/1/2019.Added by Acts 1985, 69th Leg., ch. 133, Sec. 2.05.