(a)     The city manager is hereby authorized to appoint representatives of the water and light, and finance departments to administer the program. All loans shall be made based upon the following principles:

    (1)    The program shall be conducted at all times based upon sound business principles and shall in no wise be deemed a welfare or social service program of the city. No loan shall be made without having first ascertained the credit worthiness of the loan applicant and without having obtained adequate security for any loan.

     (2)    After having established the credit worthiness of the applicant(s), the committee shall make its loans in such a manner to reduce, by the greatest amount possible, the consumption of electric energy within the city. This goal shall be attained by consideration of:

             a.    The total energy consumption of the applicant; and

        b.    The results of an energy audit made to determine the potential impact of a loan under the program, along with the ability of that loan to reduce the electric consumption of the applicant.

    (b)     No applicant shall be refused a loan because of sex, race, religion, place of national origin, marital status, age, sexual orientation, handicap, political affiliation or ancestry.

    (c)     The director of water and light is hereby authorized to develop application forms for use in the program.