Section Bfa 503.04 - Extensions of Assignment(a) Prior to the expiration of an assignment of bond limit, the issuer shall either issue the bonds or obtain an extension of the assignment, or the assignment shall expire. If an assignment expires, the assigned 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 an assignment for a bond issue, the issuer may reapply for a new assignment 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 issue the bonds within the assignment period, it may apply to the authority for an extension of the assignment. Requests for extensions of assignments 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 assignment. Requests for extensions of assignments received within 2 weeks of such directors' meeting shall be placed on the agenda for that meeting if, in the judgment of the executive director, the staff of the authority and the directors will have adequate time to review the request. A request for an extension of an assignment shall state the reasons the issuer requires an extension and when the issuer expects to be ready to issue the bonds.(c) The directors shall grant an extension of an assignment 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 an assignment 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 an assignment, but for each extension the issuer shall make a request as provided in this section. An assignment of bond limit shall not be extended into the following calendar year.N.H. Admin. Code § Bfa 503.04
(See Revision Note at chapter heading for Bfa 100) #5719, eff 10-13-93