Page:United States Statutes at Large Volume 104 Part 5.djvu/701

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 4023 "(III) a copy of a binding commitment entered into between the applicant and each entity which is legally permitted to provide, and from which the applicant is to obtain, the telecommunications services and facilities required for the project, which stipulates that if the applicant receives the loan requested in the application the entity will provide such telecommunications services and facilities in the area served by the entity within a reasonable time and at a charge which is in accordance with State law; "(IV) a description of the manner in which the applicant intends to use the loan requested in the application; (V) a description of how the proposed project will be evaluated; and "(VI) such other information as the Secretary may reasonably require. '(B) C!ONSIDERATION OF APPLICATIONS.— "(i) REVIEW BY SECRETARY. — The Secretary shall— "(I) review each application submitted pursuant to subparagraph (A)(i); "(II) determine whether or not the application meets the requirements of subparagraph (A)(ii); "(III) approve each application which meets such requirements; "(IV) disapprove each application which fails to meet such requirements; and "(V) in the case of an approved application that proposes a project to be implemented in an eligible State (within the meaning of section 365(b)(3)), transmit the approved application to the review panel of the eligible State, " (ii) REVIEW BY CERTAIN STATE REVIEW PANELS. — "(I) IN GENERAL. —The review panel shall examine each application transmitted to the review panel pursuant to clause (i)(V) to determine the technical and economic adequacy and feasibility of the project described in the application and the likelihood that the project will succeed. "(II) AUTHORITY TO OBTAIN INFORMATION FROM APPLICANTS. — Each entity which submits an application for a loan under this subsection shall provide the review panel of any eligible State in which the partnership intends to implement the project described in the application such information as the review panel may reasonably request to assist in reviewing the application. "(Ill) AUTHORITY TO REQUEST APPLICANTS TO MODIFY PROJECTS. —The review panel may, before final consideration of an application of an entity for a loan under this subsection, request the entity to modify the project described in the application, "(iii) RANKING OF APPLICATIONS.— "(I) IN GENERAL. —The review panel shall rank, pursuant to a written policy and criteria, the applications that the review panel receives during

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