761—923.4 (71GA,ch265) Project eligibility.
	 923.4(1) A project is eligible if it meets all of the following criteria:
	  a.   	 It is a transit-related project for a capital purchase, e.g., new or replacement vehicles, facilities, or both.
	  b.   	 It qualifies for federal funding approval which includes meeting the federal spare vehicle ratio requirement.
	  c.   	 It meets an identifiable transit need that has been included in the public transit system’s planning or programming document.
	  d.   	 It is part of a statewide program of transit projects which has been adopted by the transportation commission.
	  e.   	 The local funding needed for the project justifiably exceeds the public transit system’s annual capital match funding capability.
	 923.4(2) A project to purchase vans for a vanpool, as defined in Iowa Code subsection 325.1(9), may be submitted by an individual or a group through the appropriate public transit system. A vanpool project is eligible for an interest-free loan from the revolving loan fund only after funds for all other projects have been allocated.