SECTION 90:15-9-4. Rejection of applications following insufficient demand determination; appeals

(a)   The State Bond Advisor shall have five (5) days in which to send a denial following a determination of insufficient demand for single-family mortgage revenue bond, mortgage credit certificate, or student loan bond applications. The notice will contain the reason(s) for such determination. Such applications shall be removed from the appropriate pool(s) for purposes of establishing chronological order.

(b)   The Bond Advisor shall determine the extent to which demand is demonstrated for single family mortgage bonds, mortgage credit certificate programs and student loan bonds, which amount may be less than a requested confirmation. In such cases, a confirmation notice will be sent to the applicant for the demand amount so determined and a denial notice for the difference of the request. The portion of the request that is denied may be appealed by making an additional information submission or an appeal application.

(c)   An applicant may appeal such denials by submitting a new application to the Council of Bond Oversight, through the State Bond Advisor's Office, along with an explanation justifying why the State Bond Advisor's denial should not be sustained. Such appeal applications will be stamped with the date and time of receipt and provisionally placed on the appropriate pool register(s). The appeal will be placed on the agenda for the next Council of Bond Oversight meeting in a manner consistent with the requirements for preparation of such agendas.

(d)   By affirmative action of the Council of Bond Oversight, an application denied by the State Bond Advisor may be accepted and the Council may order the State Bond Advisor to issue a confirmation, subject to availability of state ceiling in the appropriate pool(s). For chronological ordering purposes, such appeal applications shall be converted to permanent status on pool(s) registers, including the Consolidated Pool and Carryforward register, at the time of Council of Bond Oversight approval based upon the date and time of receipt of the appeal application. Any allocations made from the date of an appeal application to the date of Council of Bond Oversight approval shall not be rescinded.

[Source: Added at 8 Ok Reg 2517, eff 6-27-91; Amended at 10 Ok Reg 2571, eff 6-26-93; Amended at 12 Ok Reg 1997, eff 7-14-95; Amended at 20 Ok Reg 462, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2269, eff 7-11-03]