1. (a) A certificate of reservation for an application within the category described by §1372.022(a)(1) and (2) shall expire at the close of business on the 180th calendar day after the date on which the reservation is given. A certificate of reservation for an application within the categories described by §1372.022(a)(4) shall expire at the close of business on the 150th calendar day after the date on which the reservation is given. A certificate of reservation for an application within the category described by §1372.022(a)(3), (5) and (6) shall expire at the close of business on the 120th calendar day after the date on which the reservation is given.
2. (b) Prior to the expiration date of the reservation, the issuer may give notice to the board that the reservation will not be used, and the amount will be added to the appropriate state ceiling.
3. (c) If an issuer described by §1372.022(a)(4) fails to close on the bonds on or before the 150th calendar day after which the reservation was granted and fails to withdraw the application on or before the 120th calendar day after which the reservation was granted, the issuer must pay the full closing fee provided by §1372.006(b) not later than the 155th calendar day after which the reservation was granted. The issuer will not receive a subsequent reservation of allocation or be permitted to file an application for reservation until the fee has been paid to the board.

Source Note:The provisions of this §190.6 adopted to be effective January 3, 1992, 16 TexReg 7646; amended to be effective December 21, 1995, 20 TexReg 10389; 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; amended to be effective September 18, 2003, 28 TexReg 8136.