48-102. Findings of state certification
board
A. If the state certification board finds that the record offered in support of the
application submitted sustains the application and that all requirements and conditions
precedent have been fulfilled, it shall approve the bond application either in whole or
in part, or shall otherwise disapprove the bond issue as a whole or as to the features or
proposals that do not meet essential requirements. When the board has made and entered
its findings, a decision shall be made accordingly. The rejection of any document or
report or the contents of the document or report or the rejection of an entire
application shall not preclude filing amended applications, documents, reports,
statistics, plans, maps or other records or the subsequent consideration of any amended
or altered bond proposal.
B. The decision of the state certification board based on findings of fact
supported by a preponderance of the evidence and that are not arbitrary or unreasonable
shall be final and conclusive.
C. The state certification board after approval of the application shall not
exercise further control of the proceeds of any bond issue but they shall be controlled
and administered solely by the applicant as provided in this chapter.
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