Section 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.