(1) A statutory body may make an application to the Minister for Government on-lending.
(2) An application under subsection (1) must —
(a) specify that —
(i) the purpose of the loan is to achieve a public purpose,
(ii) the proposed Government on-lending is expected to serve a specific public policy objective;
(b) be accompanied by —
(i) the financial statements of the statutory body,
(ii) legal documentation or a Memorandum of Understanding that —
(A) is prepared by the Attorney General;
(B) is executed by the statutory body; and
(C) specifies that in the event of default by the statutory body, the statutory body commits to repaying the Government any money paid by the Government to the statutory body by means of Government on-lending.