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RULE §293.45Action of the Commission and Bond Proceeds Fee

(a) The commission may by order dismiss an application for lack of prosecution or failure to comply with the regulations of the commission, allow the applicant to withdraw the application, or approve or deny the project and the issuance of bonds therefore. Upon issuing such an order, the commission shall forward certified copies to the applicant and the attorney general of Texas. District compliance with any special condition in the order approving engineering project and issuance of bonds, as executed by the commission, is mandatory. Unless bids are received and accepted for sale of the bonds within one year of the effective date of the commission's order approving the bonds, the district may not proceed with the sale of such bonds without executive director approval of an application for an extension of time meeting the requirements of §293.87 of this title (relating to Application for Extension of Time To Sell Bonds). Under no circumstances shall a commission order approving a bond issue be extended beyond three years from the date of the commission order originally approving the bonds.

(b) If the bonds are approved by the commission, the district shall pay to the commission by check 0.25% of the principal amount of the bonds actually issued not later than the seventh business day after receipt of the bond proceeds. The commission may allow the district to pay a lesser amount if it determines that the circumstances surrounding a particular bond issue justify a lesser amount.

(c) The commission may condition the approval on any terms or conditions considered appropriate by the commission.

Source Note: The provisions of this §293.45 adopted to be effective September 5, 1986, 11 TexReg 3736; amended to be effective February 23, 1988, 13 TexReg 735; amended to be effective June 30, 1993, 18 TexReg 3758; amended to be effective April 15, 1994, 19 TexReg 2301.

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