North Carolina Administrative Code
Title 04 - COMMERCE
Chapter 01 - DEPARTMENTAL RULES
Subchapter H - PRIVATE ACTIVITY BOND VOLUME CAPACITY PROGRAM
Section .0200 - APPLICATIONS AND PROCEDURES
Section 01H .0203 - FORMAL PROCEDURES: APPROVAL
When the committee can approve the Allocation of Capacity, the chairman, or his designee, will indicate in writing and describe any terms or conditions of the allocation, including the expiration date of the allocation. Any unused portion of the allocation will revert back to the statewide pool of volume resource. The use of any allocation is predicated on the Issuer of the bonds, within ten business days after such issue, advising in writing, that the allocation has been used, and stating the amount of unused allocation. All allocations will be issued with a stated time of expiration. If the Issuer becomes aware that the bond closing cannot be effected within the time scheduled, he may apply for an extension. In the case of a time extension, the Issuer will provide written confirmation from all parties to the transaction that they have seen and agreed to all terms and conditions for the financing.
Authority
G.S.
143B-429;
143B-430; Ch. 588 (1987 Session
Law);
Eff. December 1, 1987;
Pursuant to
G.S.
150B-21.3A, rule is necessary without
substantive public interest Eff. September 6,
2016.
