1. (a) All fees required by the Act and the rules must be submitted under separate cover by overnight delivery or messenger to the lockbox address as described in §190.8(c) of this title (relating to Notices, Filings, and Submissions). Each check must be accompanied by a fee verification form as prescribed by the board. The Comptroller of Public Accounts shall note the receipt of the check on the fee verification form and forward the form to the board. All checks must be received by the Comptroller of Public Accounts within 24 hours of the receipt of corresponding documents by the board. If the fee is not received in a timely manner, the corresponding filing will not be considered to be a complete filing, and with respect to a filing pursuant to §190.3(a) or (c) of this title (relating to Filing Requirements for Applications for Reservation), the reservation will be cancelled.
2. (b) All other submissions required by the Act must be delivered in person to the board at its offices during normal business hours or sent by overnight delivery, certified or registered mail, postage prepaid, addressed to the board. The board shall note on the face of the documents the date and time that they are received and provide, upon issuer request, the issuer with a receipt describing the document received and the date and time of receipt. The board will review the application to determine if it is complete. The board shall return any application not in substantial compliance with the Act and these sections.
3. (c) The board shall stamp or otherwise designate the date and time on which it receives each qualified application. The application shall not be considered complete, and shall not be stamped and accepted for filing, unless and until each of the items required under this section has been received by the board.
4. (d) The board shall give its certificate of reservation approving the reservation requested by the issuer within five business days after the board receives the qualified application, to the extent that amounts in the state ceiling remain available for certificates of reservation.
5. (e) If at any time the amount of the state ceiling or portion of the state ceiling reserved for qualified mortgage bonds, state voted issues, qualified small issue bonds, qualified residential rental project issues, qualified student loan bonds, or all other bond issues has been exhausted, applications which would otherwise qualify for a reservation shall be received and dated and become eligible for reservations as provided in subsection (f) of this section.
6. (f) If at any time none of the state's ceiling remains available for certificates of reservation in a specific category, but additional amounts become available in such specific category before June 1 of the program year because of cancellations or any other reason, those amounts shall be aggregated and reservations shall be granted from that category on June 1 of the program year to qualified applications in an order determined by lot number with respect to those applications having such numbers, and otherwise by date and time of receipt by the board. If any portion of state ceiling becomes available after June 1 of the program year and before August 25 of the program year in any specific category those amounts shall be aggregated and reservations shall be granted from that category on August 25 of the program year to qualified applications in an order determined by lot number with respect to those applications having such numbers, and otherwise by date and time of receipt by the board. The board may grant a reservation at any time on or after January 2 if the amount of state ceiling available in any category exceeds the amount of state ceiling applied for in that category by the next applicant.
7. (g) A reservation that is received by an issuer of qualified mortgage bonds for only a portion of the amount requested in the application for reservation shall be considered a reservation for the program year regardless of the amount reserved, and if an application for a reservation is submitted for the following program year by such issuer, as described in §1372.032, Government Code, the category of priority will be determined in accordance with §1372.032(a), Government Code and the order determined by §1372.032(c), Government Code.
8. (h) If any change in a qualified application or in any of the items accompanying the application should occur prior to the date state ceiling becomes available to an issuer, the issuer or authorized representative shall promptly notify the board of any such change. Upon state ceiling becoming available, an issuer or authorized representative, within three days upon receipt of notice from the board that a portion of the state ceiling will be available to the issuer, must confirm and certify that the information contained in the qualified application and all items accompanying the application are and remain accurate and in full force and effect, except as may be specifically set forth in any amendment to the qualified application (which does not result in the application failing to constitute a qualified application), which amendment will constitute such certification. Prior to receiving a reservation, only an issuer may amend the application to change the amount of the state ceiling requested, but the board may not accept an amendment to increase the amount of the state ceiling requested unless at the time of the amendment seeking an increase in the amount of state ceiling there are no other qualified applications pending, subsequent in order to said application, for which state ceiling is not available. A reservation date will not be given by the board until the receipt of such certification.
9. (i) Upon notice by the board that a portion of the state ceiling will be available to the issuer for less than the requested amount, the issuer or authorized representative must confirm in writing its acceptance or denial of the amount available, within three business days. Refusal by an issuer to accept a certificate of reservation for less than the amount requested in a qualified application shall not change the chronological order in which such issuer will be offered a certificate of reservation. If an issuer accepts a certificate of reservation for less than the requested amount, the issuer shall maintain its current position, and will be offered the next available reservation amounts until the original request has been satisfied. However, the deadline restrictions will be calculated from the date of reservation for each reservation amount.

Source Note:The provisions of this §190.5 adopted to be effective January 3, 1992, 16 TexReg 7646; amended to be effective January 11, 1993, 18 TexReg 65; amended to be effective October 8, 1997, 22 TexReg 9895; amended to be effective October 6, 1999, 24 TexReg 8566; amended to be effective February 27, 2002, 27 TexReg 1338.