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TITLE 34PUBLIC FINANCE
PART 9TEXAS BOND REVIEW BOARD
CHAPTER 190ALLOCATION OF STATE'S LIMIT ON CERTAIN PRIVATE ACTIVITY BONDS
SUBCHAPTER APROGRAM RULES
RULE §190.7Cancellation, Withdrawal and Penalty Provisions

(a) If the issuer does not timely submit the bond authorization requirements described in §190.3(c) of this title (relating to Filing Requirements for Applications for Reservation), the issuer's reservation is cancelled and during the 90-calendar-day period beginning on the reservation date of the cancelled reservation:

  (1) the issuer may not submit an application for a reservation for the same project; and

  (2) the issuer is eligible for a carryforward designation for the project only as provided by the Act.

(b) If the closing documents are not received within five business days after the closing as described in §190.3(e) of this title, the issuer's reservation is cancelled and during the 120-day period beginning on the reservation date of the cancelled reservation for applications within the categories described by §1372.022(a)(3), (5) and (6), the 150-day period for an application within the category described by §1372.022(a)(4) and the 180-day period for an application within the category described by §1372.022(a)(1) and (2);

  (1) the issuer or any other issuer may not submit an application for a reservation for the same project; and

  (2) the issuer is eligible for a carryforward designation for the project only as provided by the Act.

(c) Notwithstanding §190.6(c) of this title (relating to Expiration Provisions), if an issuer withdraws an application for reservation prior to the expiration date, there is no penalty for such withdrawal.

(d) A certificate of allocation will not be issued until all required closing documents and the remaining two-thirds of the closing fee have been received by the board.


Source Note: The provisions of this §190.7 adopted to be effective January 3, 1992, 16 TexReg 7646; amended to be effective October 8, 1997, 22 TexReg 9895; amended to be effective October 6, 1999, 24 TexReg 8566; amended to be effective February 27, 2002, 27 TexReg 1338; amended to be effective September 18, 2003, 28 TexReg 8136; amended to be effective April 10, 2008, 33 TexReg 2831

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