SECTION 371.35. Board Approval of Funding

(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 a request for an extension of time and may allow a longer extension as appropriate to the circumstances in the event of force majeure.

Source Note: The provisions of this §371.35 adopted to be effective August 4, 2010, 35 TexReg 6680; amended to be effective July 30, 2012, 37 TexReg 5602; amended to be effective July 4, 2016, 41 TexReg 4844