108.518. Extension procedure--time authorized--bonds not issued, expire when.
Extension procedure--time authorized--bonds not issued, expire when.
108.518. 1. For good cause shown, an issuer may request anextension of the expiration date of an approved allocation byfiling a written notice for extension with the director, whichrequest must be received by the director not less than five daysprior to the expiration of the initial period specified by thedirector pursuant to section 108.512. In such instances, thedirector may, in his discretion, approve an extension for aperiod ending on the earliest of:
(1) 11:59 p.m. central standard time on the date which isthirty days beyond the initial expiration date specified by thedirector pursuant to section 108.512 hereof;
(2) The date upon which such approved allocation isvoluntarily surrendered to the director by the issuer; or
(3) 11:59 p.m. central standard time on December eighteenthof such year.
The director shall notify the issuer within five business daysafter receipt if the request for extension has been approved ordenied. In the event the bonds are not issued on or before thelast day of the applicable extension period pursuant to theimmediately preceding sentence, the approved allocation shallexpire unless a carry-forward election is approved by thedirector pursuant to section 108.522.
2. Notwithstanding any other provision of sections 108.500to 108.532, if an approved allocation or extension thereofexpires on December eighteenth of such year in accordance withthe provisions of section 108.512 or subsection 1 of thissection, the director, in his discretion, may grant an extensionor further extension for a period ending not later than 11:59p.m. central standard time on December thirty-first of such year.
(L. 1987 S.B. 351 §§ 108.511, 108.513)Effective 1-1-88