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
department 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.
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