§ 240. Application procedure. 1. The corporation shall provide an
application form to lenders for linked deposits. Such form shall reflect
the qualifying information as developed by the commissioner of
agriculture and markets for eligible borrowers involved in agricultural
operations and as developed by the secretary of state for eligible
borrowers involved in residential and small business on-site wastewater
treatment system projects. The lender shall forward the completed
application, its finding that the borrower is creditworthy, and the
interest rate certification required pursuant to section two hundred
thirty-nine of this article, to the corporation which, in consultation
with the state or the department of agriculture and markets, shall
either approve or reject the application within thirty days. Upon
approval of any project application, the department of environmental
conservation shall list such project on the intended use plan pursuant
to section 17-1909 of the environmental conservation law. Failure to
approve within thirty days shall be deemed a rejection of any
application. The corporation shall evaluate each application based upon
the availability of funds for the linked deposit.

2. If the linked loan application receives the approval of the
corporation's board and any other approvals required by state or federal
law, the corporation shall deposit funds with the lender pursuant to the
terms of a written deposit agreement or an appropriate agreement with a
farm credit system institution, as the corporation and lender shall
determine.