Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 9 - TEXAS BOND REVIEW BOARD › Chapter 190 - ALLOCATION OF STATE'S LIMIT ON CERTAIN PRIVATE ACTIVITY BONDS › Subchapter A - PROGRAM RULES › Section 190.5 - Consideration of Qualified Applications by the Board

Current through Reg. 49, No. 28; July 12, 2024
(a) All fees required by the Act and the
				  rules must be submitted under separate cover by either: check through overnight
				  delivery or messenger to the lockbox address as described in §190.8(d) of
				  this title (relating to Notices, Filings, and Submissions) or electronically to
				  the Texas Bond Review Board account via the Comptroller of Public Accounts
				  Automated Clearing House (ACH) Transfer Portal. Each check must be accompanied
				  by a fee verification form as prescribed by the board. The Comptroller of
				  Public Accounts shall note the receipt of the check on the fee verification
				  form and forward the form to the board, or, if the fee is paid electronically,
				  the Comptroller of Public Accounts shall note receipt of the electronic fee by
				  providing a daily itemized report of electronic fees submitted to the Texas
				  Bond Review Board account to the board. If the fee is not received in a timely
				  manner, the corresponding filing will not be a complete filing, and with
				  respect to a filing pursuant to §
										190.3(a)
				  or (c) of this title (relating to Filing
				  Requirements for Applications for Reservation), the reservation will be
				  cancelled.
(b) All other
				  submissions required by the Act must be either: sent electronically via email,
				  delivered in person to the board at its offices during normal business hours,
				  or sent by overnight delivery, certified, or registered mail, postage prepaid,
				  and addressed to the board. The board shall note on the face of the documents
				  the date and time that they are received and provide, upon issuer request, the
				  issuer with a receipt describing the document received and the date and time of
				  receipt. The board will review the application to determine if it is complete.
				  The board shall return any application not in substantial compliance with the
				  Act and these sections.
(c) The
				  board shall stamp or otherwise designate the date and time on which it receives
				  each qualified application. The application shall not be considered complete
				  unless and until each of the items required under this section has been
				  received by the board.
(d) The
				  board shall give its certificate of reservation approving the reservation
				  requested by the issuer within five business days after the board receives the
				  qualified application or within a reasonable and timely manner, as determined
				  by the Executive Director, to the extent that amounts in the state ceiling
				  remain available for certificates of reservation.
(e) If at any time the amount of the state
				  ceiling or portion of the state ceiling reserved for qualified mortgage bonds,
				  state voted issues, qualified small issue bonds, qualified residential rental
				  project issues, qualified student loan bonds, or all other bond issues has been
				  exhausted, applications which would otherwise qualify for a reservation shall
				  be received and dated and become eligible for reservations as provided in
				  subsection (f) of this section.
(f)
				  The board may grant a reservation at any time on or after January 2 and before
				  November 16 if the amount of state ceiling available in any category exceeds
				  the amount of state ceiling applied for in that category by the next applicant.
				  Partial reservations may be granted only in accordance with Government Code
				  §
										1372.036.
(g) A reservation that is received by an
				  issuer of qualified mortgage bonds for only a portion of the amount requested
				  in the application for reservation shall be considered a reservation for the
				  program year regardless of the amount reserved, and if an application for a
				  reservation is submitted for the following program year by such issuer, as
				  described in Government Code §
										1372.032,
				  the category of priority will be determined in accordance with Government Code
				  §
										1372.032(a),
				  and the order determined by Government Code §
										1372.032(c).
(h) If any change in a qualified application
				  or in any of the items accompanying the application should occur prior to the
				  date state ceiling becomes available to an issuer, the issuer or authorized
				  representative shall promptly notify the board of any such change. Prior to
				  receiving a reservation, only an issuer, or authorized representative of the
				  issuer, may amend the application to change the amount of the state ceiling
				  requested, but the board may not accept an amendment to increase the amount of
				  the state ceiling requested unless at the time of the amendment seeking an
				  increase in the amount of state ceiling there are no other qualified
				  applications pending, subsequent in order to said application, for which state
				  ceiling is not available.
(i) Upon
				  notice by the board that a portion of the state ceiling will be available to
				  the issuer for less than the requested amount, the issuer or authorized
				  representative must confirm in writing its acceptance or denial of the amount
				  available, within three business days. Refusal by an issuer to accept a
				  certificate of reservation for less than the amount requested in a qualified
				  application shall not change the chronological order in which such issuer will
				  be offered a certificate of reservation. If an issuer accepts a certificate of
				  reservation for less than the requested amount, the issuer shall maintain its
				  current position, and will be offered the next available reservation amounts
				  until the original request has been satisfied. However, the deadline
				  restrictions will be calculated from the date of reservation for each
				  reservation amount.