(1) An eligible applicant is eligible to apply for loans and grants specified in this chapter. Combinations of eligible applicants may apply jointly for loans or grants authorized under this chapter in accordance with § 25-20-101 et seq.
(2) Award of a loan or grant may be made contingent upon the receipt of the federal, state or other financial assistance for which an eligible applicant has applied.
(3) Award of a loan or grant may be made contingent upon the eligible applicant providing additional local funds for water, sewer, or solid waste management systems.
(4) Award of a loan or grant may be made contingent upon (1) the funds provided being the last to be used, (2) the eligible applicant establishing and a maintaining depreciation, debt service or other reserves, any reasonable condition established by the Commission.