SECTION 200:10-11-4. Issuance of Insurance Commitment; rejection of application

(a)   After approval by the Board of an application for Insurance, a Commitment will be issued setting forth the terms and conditions upon which ODFA financing assistance will be insured, including special requirements applicable to the project and requiring the submission in final form within a time specified of all appropriate documents, drawings, plans, specifications, appraisals, bonds, guarantees, permits, approvals, surveys, title insurance, opinions, financial statements, cost and other certifications and other instruments evidencing full compliance with requirements in form and content satisfactory to the Administrator.

(b)   If such use of Insurance has not been approved by the Bond Oversight Commissions, the Commitment will be conditioned on the granting of such approvals.

(c)   A Commitment shall be effective for a stated period. A Commitment may be renewed in the manner stated in the Commitment.

(d)   If, upon examination of the application and supporting information, the Board rejects such application, the applicant will be so informed.