35-908. Principal amount of bonds issued less than confirmation; fee
A confirmation is effective as to bonds or mortgage credit certificates issued in lesser amounts than the principal amount set forth in the confirmation, but for bonds issued after 5:00 p.m. August 1, if the principal amount of bonds issued is less than the principal amount set forth in the confirmation, a fee of one per cent of the difference between the confirmation and the principal amount of the bonds shall be paid to the authority on filing the certificate of closing unless the direct beneficiary of the bond proceeds is this state or a county, city, town or nonprofit entity, the issuer is a student loan corporation or the project includes urban development action grant or housing development grant financing, is a project described in section 1317(3)(N) of the tax reform act of 1986, is a qualified mortgage revenue bond or is a qualified mortgage credit certificate program. The failure to make such payment within ten days of the filing shall result in a retroactive cancellation of the allocation and the barring of the direct private obligor from any future allocations.
Section: Previous 35-901 35-902 35-903 35-904 35-905 35-906 35-907 35-908 35-909 35-910 35-911 35-912 35-913 35-1001 35-1002 NextLast modified: October 13, 2016