Section Bfa 504.02 - Application for Reservation(a) Whenever a user makes an application for preliminary official action pursuant to Bfa 402.01, that application shall also be treated as an application for a reservation of bond limit, provided: (1) A letter described in Bfa 403.01(b)(4) is included in the application; and(2) The user has not informed the authority that it is seeking only preliminary official action at that time.(b) If the requirements of Bfa 504.02(a)(1)-(2) are met, the directors shall consider whether to grant a user a reservation at the same time it considers the user's application for preliminary official action.(c) If a user has received preliminary official action, but not a reservation of bond limit, that user may apply for a reservation at any time by submitting to the authority a written request for a reservation, together with 15 copies of the following: (1) A letter described in Bfa 403.01(b)(4); and(2) If the user had obtained preliminary official action prior to the effective date of these rules, a completed Form Bfa-1.(d) Upon receipt from a user of a request for a reservation of bond limit, the staff of the authority and authority's bond counsel shall review the request and promptly advise the user of any omission or deficiency in the request.(e) If a user is advised by the executive director of the authority that any request is incomplete or deficient, the user may supplement or amend its request.(f) When the executive director determines that a request for a reservation of bond limit is complete, the request shall be considered at a meeting of the directors. Requests for reservations 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 requests for a reservation of bond limit 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 request.(g) The directors shall consider whether or not to grant a user's request 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 directors' 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.(h) A user may elect not to seek a reservation of bond limit and proceed directly to seek an allocation of bond limit under Bfa 504.04.N.H. Admin. Code § Bfa 504.02
(See Revision Note at chapter heading for Bfa 100) #5719, eff 10-13-93