(1) A county which desires to participate in the loan fund pool established by this part shall file with THDA, in the manner prescribed by THDA, its intent to participate and the extent of its financial participation within ninety (90) days following March 5, 1986, in order to be eligible to participate in the loan fund pool during its first twelve-months of operation. THDA shall promulgate rules and regulations governing filings in subsequent twelve-month periods of operation.
(2) The THDA shall accept only one (1) application to establish a loan fund pool per county.
(3) In the absence of an application by any county, an incorporated municipality located within such county may file an individual or, with other municipalities in the county, a joint application, but only with such county's sponsorship.