S.C. Code Regs. § 19-103.08 - Time Limits of Allocations
(a) Any
allocation of the State Ceiling approved by the Budget and Control Board before
October 1 shall be valid only for the calendar year in which it was approved,
unless specified to the contrary in the Board Secretary's allocation
certification required by Reg. 19-103.06 hereof.
(b) Board approval of allocations on and
after October 1 must specify the calendar year in which the allocation is valid
and this information must be indicated in the certificate of the Board's
Secretary.
(c) Unless specified to
the contrary, each allocation shall expire automatically if the bonds for which
such allocation has been approved are not issued within ninety (90) days
following the approval by the Budget and Control Board; provided that the
entity which filed the Authorized Request must advise the Board's Secretary of
the status of the issuance within sixty (60) days and again within seventy-five
(75) days from the Board's approval if the Internal Revenue Service Form 8038
has not been filed before those points in time.
Notes
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