SECTION 190.5. Consideration of Qualified Applications by the Board

(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.

Source Note: The provisions of this §190.5 adopted to be effective January 3, 1992, 16 TexReg 7646; amended to be effective January 11, 1993, 18 TexReg 65; 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 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