1. (a) Within 60 days of Applicant's receipt of the certificate of approval for the final prime construction contract and the final inspection report, the Applicant shall submit a final accounting and a final funds requisition form.

2. (b) After the final accounting, the executive administrator shall notify the Applicant if remaining surplus funds exist and advise the Applicant that the remaining surplus funds may be used, as specified in any applicable bond ordinance, for:

   1. (1) payment of bonds in inverse order of maturity;
   2. (2) deposit into the interest and sinking fund; or
   3. (3) deposit to a reserve fund.

Source Note:The provisions of this §371.85 adopted to be effective August 4, 2010, 35 TexReg 6680; amended to be effective July 30, 2012, 37 TexReg 5602; amended to be effective July 4, 2016, 41 TexReg 4844.