Texas Government Code 1372.043 – Cancellation of Reservation On Issuer’s Failure to Timely Close On Bonds
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Terms Used In Texas Government Code 1372.043
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
If an issuer does not close on the issuer’s bonds as required by § 1372.042:
(1) the reservation for the issue is canceled; and
(2) for the period beginning on the reservation date and ending on the 150th day, the 180th day, or the 210th day after the reservation date, as applicable under § 1372.042, or on the 210th day after the reservation date if the issuer is an issuer of qualified mortgage bonds:
(A) no issuer may submit an application for a reservation for the same project; and
(B) the issuer is eligible for a carryforward designation for the project only as provided by Subchapter C.