| (16) each issuer of qualified student loan bonds authorized
by §53B.47, Education Code, shall submit with the application
for reservation the information as required in Government Code 1372.0281.
(c) Bond authorization requirements. Not later than
35 calendar days after an issue's reservation date, the board or Comptroller
of Public Accounts, as applicable, must be in receipt of the following
from the issuer:
(1) one-third of the closing fee;
(2) the certificate regarding fees, on the form prescribed
by the board;
(3) a certificate signed by the issuer or authorized
representative of the issuer that certifies the principal amount of
the bonds to be issued or the portion of the state ceiling that will
be converted to mortgage credit certificates;
(4) a list of finance team members with their addresses
and telephone numbers;
(5) if applicable, an amended agreement pursuant to
subsection (b)(9) of this section;
(6) a bond authorization requirements checklist, on
the form prescribed by the board;
(7) if the borrower was originally identified as a
to-be-formed entity, the final formation of the borrower must be identified
as part of the submission and must meet the specifications set forth
in the application for reservation of allocation. No changes will
be permitted in the general partner of the borrower after the 35th
day after the date of reservation;
(8) if an issuer fails to meet the 35-day deadline,
the issuer may request a waiver from the board. The board will consider
taking action to waive the missed deadline only if:
(A) the board is notified via facsimile transmission
or e-mail of the missed deadline and intent to seek waiver not later
than 36 calendar days after an issue's reservation date, and;
(B) the Bond Authorization Requirements filing, accompanied
by a statement and evidence regarding extenuating circumstances that
prevented a timely filing, is made not later than 38 calendar days
after an issue's reservation date. Extenuating circumstances that
would be grounds for waiver include acts of God, unforeseen acts of
war, or medical emergency;
(9) an issuer described by Government Code §1372.022(a)(2)
is not required to submit items described under paragraphs (1) and
(2) of this subsection.
(d) Closing fee. The remaining two-thirds of the fee
must be paid by all issuers other than those described by Government
Code §1372.022(a)(2) simultaneously with closing on the bonds.
The board shall be in receipt of the fee from the issuer as confirmed
by the Comptroller of Public Accounts not later than the fifth business
day after the day on which the bonds are closed.
(e) Closing documents. Not later than the fifth business
day after the day on which the bonds are closed the issuer shall file
with the board:
(1) a certificate regarding fees, on the form prescribed
by the board;
(2) a closing documents checklist, on the form prescribed
by the board;
(3) a certificate of delivery on the form prescribed
by the board;
(4) a certified copy of the bond resolution authorizing
the issuance of bonds, and setting forth the specific principal amount
of the bond issue and, unless the resolution authorizes the issuer
to seek an allocation in multiple program years, adopted within 18
months of the application date;
(5) if one is required, a copy of the approval of the
local government unit or local government units, certified by a public
official with the authority to certify such approval. This requirement
shall not apply to any bonds for which the Code does not require such
a public hearing and approval of a local government unit or local
government units;
(6) the document evidencing compliance with Government
Code §1372.040;
(7) other documents relating to the issuance of bonds,
including a statement of the bonds':
(A) principal amount;
(B) interest rate or the formula by which the interest
is calculated;
(C) maturity schedule; and
(D) purchaser or purchasers;
(8) an official statement;
(9) for mortgage credit certificates the issuer shall
file item in paragraph (1) of this subsection and the following:
(A) a certified copy of the issuer's resolution electing
to convert state ceiling to mortgage credit certificates;
(B) issuer's mortgage credit certificate election;
and
(C) program plan;
(10) for a residential rental project described in §190.2(d)(1),
(2) or (3) of this title, evidence from the Texas Department of Housing
and Community affairs that an award of Low Income Housing Tax Credits
has been approved for the project;
(11) if for a program year Government Code §1372.037(b)
applies, the certification issued by the Attorney General pursuant
to Government Code §1202.003(b-1).
(f) Additional information. The board may require additional
information at any time before granting a certificate of reservation
or certificate of allocation.
(g) Application restrictions.
(1) In order to submit an application for reservation
prior to October 21 of the year immediately preceding the program
year an issuer or borrower must have been in existence on October
1 of that year.
(2) Project substitutions will not be allowed after
the application for reservation has been delivered to the board. Alterations
to the project, including changes to unit size, number of total units
and unit mix, as well as changes to the land size necessitated as
part of the development or finance approval process in the case of
residential rental projects will be permitted only if said changes:
(A) are agreed to by the issuer; and
(B) do not include the addition of land that is the
subject of another application in the current program year.
(3) No issuer may submit an application for reservation
for the same or substantially the same project or projects as are
contained in the application of another issuer.
(4) No issuer prior to August 15 of the program year
may apply for an amount that exceeds the maximum application limits
as described in Government Code §1372.037(a).
(5) The board may not accept applications for more
than one project located at, or related to, a business operation at
a particular site for any one program year.
(6) For a qualified residential rental project issue,
the Residential Rental Attachment contained in the Application packet
for Reservation of Allocation must correctly reflect the regional
designation of the project's location at the time of the lottery.
If it is found to be incorrect on or after the lottery date, the project
will be placed at the end of the lottery list once the region designation
error is detected and corrected.
(7) For a qualified residential rental project, an
applicant may not ever amend the priority status of the project once
the application for reservation of allocation has been submitted to
the Board.
(8) Qualified residential rental projects submitted
post-lottery will be placed after all qualified residential rental
projects submitted prior to the lottery, regardless of priority designation.
|
| Source Note: The provisions of this §190.3 adopted to be effective January 3, 1992, 16 TexReg 7646; amended to be effective January 11, 1993, 18 TexReg 65; amended to be effective February 10, 1994, 19 TexReg 634; amended to be effective December 21, 1995, 20 TexReg 10389; 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 26, 2002, 27 TexReg 8957; amended to be effective September 18, 2003, 28 TexReg 8136; amended to be effective April 10, 2008, 33 TexReg2831;amended to be effective October 8, 2009, 34 TexReg 6860; amended to be effective December 2, 2019, 44 TexReg 7403; amended to be effective October 13, 2021, 46 TexReg 6948; amended to be effective October 11, 2023, 48 TexReg 5825 |
