Sec. 16. (a) An application for a loan from the fund must be accompanied by all papers and opinions required by the authority.
(b) The authority may require that an application for a loan from the fund be accompanied by the following:
(1) A certification and guarantee of signatures.
(2) A certification that, as of the date of the loan, no litigation is pending challenging the validity of or entry into:
(A) the loan; or
(B) any security for the loan.
(3) Any other certifications, agreements, security, or requirements that the authority requests.
(4) An approving opinion of nationally recognized bond counsel.