Section Bfa 503.01 - Application for Reservation(a) An issuer that is planning an issue of private activity bonds may submit a request to the authority that it consider making a reservation of bond limit for that issue of bonds. Such requests shall be submitted on Form Bfa-2, ISSUER APPLICATION FOR RESERVATION OF BOND LIMIT, which may be obtained by writing or calling the authority.(b) When applying for a reservation an issuer shall provide the authority with 20 copies each of a completed Form Bfa-2 and the following: (1) A certified copy of a preliminary official action resolution, or of a resolution evidencing the issuer's intent to issue the bonds;(2) A letter of commitment to buy the proposed bonds from a lender or lenders with the financial resources to do so, or a letter of commitment to place the proposed bonds from an investment banker or bankers who can be reasonably expected to place successfully the bonds; and(3) A letter from bond counsel for the proposed bond issue to the effect that it is not aware of any reason why interest on the bonds will not be excluded from gross income for federal income tax purposes.(c) Upon receipt from an issuer of an application for a reservation of bond limit, the staff of the authority and authority's bond counsel shall review the application and promptly advise the issuer of any omission or deficiency in the application. If an issuer is advised by the staff of the authority that any application is incomplete or deficient the issuer may supplement or amend its application.(d) When the executive director determines that an issuer's application for a reservation of bond limit is complete, the request for the reservation shall be considered at a meeting of the directors. Issuer applications for a reservation of bond limit that are completed at least 2 weeks prior to the next meeting of the directors shall be placed on the agenda for and considered at that meeting. Completed applications for a reservation that are received within 2 weeks of the next meeting of the directors may be placed on the agenda if the executive director determines that the staff of the authority, authority's bond counsel and the directors will have adequate time to review the application.(e) The directors shall consider an issuer's application for a reservation of bond limit in the manner described in Bfa 505. If the directors make a reservation of bond limit, the reservation shall be effective until the last day of the third month following the director's meeting at which the reservation was made. The duration of a reservation shall be determined by the directors based upon the need to ensure that bond limit not be wasted.(f) If the directors make a reservation of bond limit, they shall delegate to the chairman, vice chairman, or executive director the power to make the assignment of bond limit, subject, however, to the conditions set forth in Bfa 503.03.N.H. Admin. Code § Bfa 503.01
(See Revision Note at chapter heading for Bfa 100) #5719, eff 10-13-93