35-910. Extension of confirmations
A. A confirmation may be extended one time for up to ninety days but not later than
December 16 on providing the department with a security deposit equal to one per cent of
the principal amount set forth in the confirmation. The security deposit and request for
extension shall be submitted to the department before the expiration of the
confirmation. Except as provided in subsection B, all extensions granted pursuant to
this section expire on the earlier of ninety days from the date of the extension or at
5:00 p.m. December 16. No security deposit is required pursuant to this section if the
project is a qualified student loan project, is a qualified mortgage revenue bond, is a
qualified mortgage credit certificate program or is for home improvement and
rehabilitation. Requests shall not be extended.
B. A confirmation or extension of confirmation which expires at 5:00 p.m. December
16 may be extended to 5:00 p.m. December 26 by filing with the department on or before
5:00 p.m. on December 16 a certificate certifying that the bonds will be issued before
5:00 p.m. December 26, and providing the department with an additional security deposit
equal to one per cent of the principal amount stated in the confirmation. All extensions
granted pursuant to this subsection expire at 5:00 p.m. December 26.
C. All security deposits received by the department pursuant to this section are
forfeited in favor of the department if bonds are not issued before the expiration of the
extension.
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