Section Bfa 503.03 - Assignments of Bond Limit(a) After an issuer has obtained a reservation of bond limit for a particular issue of private activity bonds, it may apply to the authority for an assignment of bond limit. An issuer shall request an assignment by writing to the authority.(b) A request for an assignment of bond limit shall include the following: (1) A certificate that the information contained in the Form Bfa-2 with respect to the bond issue remains true, correct, and complete in all material respects;(2) An update of the information contained in the Form Bfa-2, if applicable;(3) A certified copy of the resolution authorizing the bonds; and(4) A draft or preliminary opinion of bond counsel for the bonds, in form and substance satisfactory to authority's bond counsel, to the effect that the bonds are valid and binding obligations of the issuer and that interest on the bonds will be excluded from gross income of the owners thereof for federal income tax purposes.(c) Upon receipt from an issuer of a request for an assignment of bond limit as described in Bfa 503.03(a) the chairman, vice chairman or the executive director shall make the assignment of bond limit to the issuer, provided:(1) The reservation of bond limit has not expired;(2) Such officer has been authorized to make the assignment pursuant to the resolution of the authority reserving the bond limit; and(3) The request includes the material described in Bfa 503.03(a) through Bfa 503.03(b).(d) The assignment of bond limit pursuant to this subsection shall be effective until the last day of the month following the month in which the assignment was made, or until such other time as the directors shall designate in the resolution making the reservation of bond limit.(e) If an assignment of bond limit cannot be made pursuant to Bfa 503.03(c) either because the provisions of Bfa 503.03(c)(l)-(3) are not met, or for any other reason, the request of through an issuer for an assignment of bond limit shall be considered at a meeting of the directors. Such requests for an assignment of bond limit that are received by the authority at least 2 weeks prior to the next meeting of the directors shall be placed on the agenda for and considered at that meeting.(f) Requests that are received within 2 weeks of the next meeting of the directors shall 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. The directors shall consider an issuer's request for an assignment of bond limit in the manner described in Bfa 505.(g) If the directors make an assignment of bond limit, the assignment shall be effective until the last day of the month following the directors' meeting at which the assignment was made, or for such other period as the directors shall determine is a reasonable period in which to issue the bonds.(h) Notwithstanding Bfa 502.03(c) or (d), no assignment of bond limit shall extend beyond the end of the calendar year.N.H. Admin. Code § Bfa 503.03
(See Revision Note at chapter heading for Bfa 100) #5719, eff 10-13-93