(a) Presentation to Board. The Board must consider
each application at a public meeting. The executive administrator
will notify the Applicant when the Board's consideration of the application
is scheduled for a public meeting.
(b) Action by Board. After considering the executive
administrator's recommendation and comments from the Applicant and
other interested persons, the Board may:
(1) resolve to approve an application only when it
finds that the revenue or taxes or both revenue and taxes pledged
by the Applicant will be sufficient to meet all obligations that will
be assumed by the Applicant;
(2) resolve to disapprove or amend the proposed conditions
for the financial assistance;
(3) request additional information related to the eligibility
of the Applicant or the project or withdraw the application for consideration
at another time; and
(4) approve an application for pre-design funding despite
a negative recommendation from the executive administrator.
(c) Board's resolution. The Board's approval of an
application and award of a commitment is recorded through the issuance
of a resolution.
(d) Expiration of Board commitment. The Board's commitment
for financial assistance expires on the date noted in the commitment,
as delineated in the IUP applicable to the project.
(e) Extension of expiration date. Upon good cause shown
or upon a showing that an event of force majeure, as defined in this
chapter, caused the Applicant's failure to timely close the commitment,
then an extension of the expiration date may be granted at the discretion
of the Board.
(1) The Applicant must submit a written request, at
least 45 days prior to the expiration date, except in the event of
force majeure, as defined in this chapter, that contains an explanation
of the need for the extension and a request for a specific date for
closing.
(2) The Board may, but is not required to, approve
the request for an extension of time and may allow a longer extension
as appropriate to the circumstances in the event of force majeure.
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Source Note: The provisions of this §375.44 adopted to be effective September 8, 2010, 35 TexReg 8126; amended to be effective July 30, 2012, 37 TexReg 5615; amended to be effective July 4, 2016, 41 TexReg 4853 |