31 Tex. Admin. Code § 371.35 - Board Approval of Funding
(a) Presentation
to Board. The Board must consider each application at a public meeting. The
executive administrator will notify the Applicant when the Board's
consideration of the application is scheduled for a public meeting.
(b) Action by Board. After considering the
executive administrator's recommendation and comments from the Applicant and
other interested persons, the Board may:
(1)
resolve to approve an application only when it finds that the revenue or taxes
or both revenue and taxes pledged by the Applicant will be sufficient to meet
all obligations that will be assumed by the Applicant;
(2) resolve to disapprove or amend the
proposed conditions for the financial assistance;
(3) request additional information related to
the eligibility of the Applicant or the project or withdraw the application for
consideration at another time; and
(4) approve an application for pre-design
funding despite a negative recommendation from the executive
administrator.
(c)
Board's resolution. The Board's approval of an application and award of a
commitment is recorded through the issuance of a resolution.
(d) Expiration of Board commitment. The
Board's commitment for financial assistance expires on the date noted in the
commitment as delineated in the IUP applicable to the project.
(e) Extension of expiration date. Upon good
cause shown or upon a showing that an event of force majeure, as defined in
this Chapter, caused the Applicant's failure to timely close the commitment,
then an extension of the expiration date may be granted at the discretion of
the Board.
(1) The Applicant must submit a
written request, at least 45 days prior to the expiration date, except in the
event of force majeure, as defined in this Chapter, that contains an
explanation of the need for the extension and a request for a specific date for
closing.
(2) The Board may, but is
not required to, approve a request for an extension of time and may allow a
longer extension as appropriate to the circumstances in the event of force
majeure.
Notes
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