(1) Prior to the board funding a loan, the eligible government unit shall provide the following:
(a) a complete transcript of all proceedings, if applicable, taken by the eligible government unit in connection with the authorization, issuance and sale of the obligations and security therefor, certified by the recording officer of the eligible government unit;
(b) certificates of the duly-authorized representatives of the eligible government unit as to the absence of litigation and the application to be made of the proceeds of the obligations;
(c) a legal opinion acceptable to the board as to the due and proper authorization and validity of the obligations and the security thereof; and
(d) such other items as may be requested by the board or its counsel.