(a) All project owners seeking State assistance must be authorized to conduct business in the State, and if authorized or organized under the laws of the State, must be validly formed and in good standing under the laws of the State.

(b) The project owner must purchase, or have purchased, the facilities or equipment listed in the eligible project description noticed pursuant to section 2606.3 of this Part, financed or to be financed, in whole or part with State assistance, within the applicable time period set by the corporation.

(c) Neither the project owner nor any of its principals shall have been the subject of a bankruptcy proceeding within the past three years, or any criminal proceeding which is ongoing or has resulted in a conviction of a felony offense. On a case by case basis, the corporation may waive this requirement for good cause shown.

(d) The project owner shall not be the subject of any undischarged or unpaid judgments, liens, or claims which are uninsured and which would affect the economic viability of the project owner.

(e) The project owner shall not have any pending or threatened litigation against it which would not be covered by insurance and would affect the economic viability of the project owner.

(f) The project owner shall have filed all applicable Federal, State and local tax returns and paid all applicable taxes within the last three years, unless such filings or payments were disputed and are the subject of litigation.

(g) The project owner shall not have previously requested, nor received, State assistance for the eligible project identified pursuant to section 2606.3 of this Part.

(h) The project owner shall not accept funding from any other municipal, State or Federal sources for any cost which has been financed with State assistance.