Section Bfa 503.02 - Extensions of Reservations(a) Before a reservation expires the issuer shall either obtain an assignment of bond limit or obtain an extension of the reservation period. If a reservation expires, the reserved portion of the bond limit shall be returned to the category or categories from which it was drawn pursuant to Bfa 502 and shall be available for other bond issues. After the expiration of a reservation for a bond issue, the issuer may reapply for a new reservation for that bond issue, but the bond issue shall be completely re-evaluated by the authority taking into account all other requests for reservations, assignments and allocations of bond limit then before the authority.(b) If an issuer will not be ready to obtain an assignment of bond limit within the reservation period, it may apply to the authority for an extension of the reservation. Requests for extensions of reservations shall be in writing and shall be submitted to the authority at least 2 weeks before the last meeting of the directors prior to the expiration of the reservation. Requests for extensions of reservations received within 2 weeks of such directors' meeting shall be placed on the agenda for that meeting if the executive director determines that the staff of the authority and the directors will have adequate time to review the request. A request for an extension of a reservation shall state the reasons the issuer requires an extension and when the issuer expects to be ready to seek an assignment of bond limit.(c) The directors shall grant an extension of a reservation for a period of one month if the directors determine that the bond issue is progressing toward closing with all practicable speed. The directors shall not grant an extension of a reservation if the need for an extension could have been avoided by the issuer or the ultimate beneficiary of the bond issue. The directors shall grant a series of extensions of a reservation, but for each extension the issuer shall make a request as provided in this section.N.H. Admin. Code § Bfa 503.02
(See Revision Note at chapter heading for Bfa 100) #5719, eff 10-13-93