Sec. 1372.043. CANCELLATION OF RESERVATION ON ISSUER'S FAILURE TO TIMELY CLOSE ON BONDS. If an issuer does not close on the issuer's bonds as required by Section 1372.042:
(1) the reservation for the issue is canceled; and
(2) for the period beginning on the reservation date and ending on the 150th day, the 180th day, or the 210th day after the reservation date, as applicable under Section 1372.042, or on the 210th day after the reservation date if the issuer is an issuer of qualified mortgage bonds:
(A) no issuer may submit an application for a reservation for the same project; and
(B) the issuer is eligible for a carryforward designation for the project only as provided by Subchapter C.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 15, eff. September 1, 2019.
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