§ 63-5. Application criteria.

Upon the submission of an application, EIC, acting on behalf of the Town of New Castle, shall make a positive or negative determination on such application based upon the following criteria for the making of a financing:

A. 

The property owner may not be in bankruptcy and the property may not constitute property subject to any pending bankruptcy proceeding;

B. 

The amount financed under the program shall be repaid over a term not to exceed the weighted average of the useful life of renewable energy systems and energy efficiency improvements to be installed on the property as determined by EIC;

C. 

Sufficient funds are available from financing parties to provide financing to the property owner;

D. 

The property owner is current in payments on any existing mortgage on the qualified property;

E. 

The property owner is current in payments on any real property taxes on the qualified property; and

F. 

Such additional criteria, not inconsistent with the criteria set forth above, as the state, the Town of New Castle, or EIC acting on its behalf, or other financing parties may set from time to time.