1. (a) At the time the board initiates the process for sizing a bond sale, an applicant needing funds shall submit a resolution requesting inclusion in the board's future bond sale. In order to be included in a board bond sale, an applicant must submit a resolution outlining its intent to utilize board financing and the timing at which the loan will be closed.
2. (b) An applicant requesting $50 million or more in bond proceeds or requesting a board bond sale be scheduled specifically to address an applicant's financing needs, shall execute a financing agreement, the form of which will be provided by the development fund manager at least 10 days prior to the pricing date of the board's bonds. In the event the financing agreement is not executed prior to the pricing date, the applicant's request for funds at that time will not be included in that bond sale. A financing agreement will include performance obligations, closing language, maturities and interest rates. The financing agreement will also provide for cancellation by the applicant, associated payments to the board to compensate for costs and loan origination risk and conditions under which the development fund manager may extend or cancel the agreements.

Source Note:The provisions of this §375.40 adopted to be effective February 11, 1999, 24 TexReg 769.