1. (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.

2. (b) Action by Board. After considering the executive administrator's recommendation and comments from the Applicant and other interested persons, the Board may:

   1. (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. (2) resolve to disapprove or amend the proposed conditions for the financial assistance;
   3. (3) request additional information related to the eligibility of the Applicant or the project or continue the application for consideration at another time; and
   4. (4) approve an application for pre-design funding despite a negative recommendation from the executive administrator.
3. (c) Board's resolution. The Board's approval of an application is recorded through the issuance of a resolution. A resolution is a binding commitment by the Board to provide the financial assistance if the Applicant timely meets the conditions in the resolution.

4. (d) Expiration of Board commitment. The Board's commitment for financial assistance expires on the date noted in the commitment or if no date is noted then the commitment expires after:

   1. (1) 12 months for a commitment for financial assistance that includes planning, acquisition, design and construction, including financial assistance under the pre-design funding option; and
   2. (2) six months for a commitment for financial assistance for planning, acquisition and design.

5. (e) Extension of commitment. The Board is not required to approve the request for an extension of time to close the loan. The Board is released from its offer to provide financial assistance for the project when the commitment expires. However the Applicant may receive one extension of time by submitting a written request:

   1. (1) at least 30 days prior to the expiration of the commitment, and by showing good cause for the failure to timely close the loan and with a specific date for closing; or
   2. (2) as soon as reasonably possible after the force majeure event.

Source Note:The provisions of this §375.44 adopted to be effective September 8, 2010, 35 TexReg 8126.