OAR 123-011-0040: Extension

(1) The Department may extend the eligibility granted by the Finance Committee for up to six months if the Department determines that the project still constitutes an eligible activity and that there is a reasonable prospect of the Bonds being issued within the six-month extension period. The Applicant must provide updated financial information, and a project status report to the Department, in a form approved by the Department, at least 14 calendar days before eligibility expires. The Department may waive the 14 calendar day requirement at its sole discretion. (2) The Finance Committee may extend eligibility if the Department denies extended eligibility or if the initial extension granted by the Department under section (1) of this rule has expired. The Finance Committee must determine that the project still constitutes an eligible activity, and that there is a reasonable prospect of the Bonds being issued within the extension period. The Applicant must provide updated financial information and a project status report, as well as a request for extension, in a form approved by the Department, at least one month prior to the expiration date of the original or extended eligibility period. The Finance Committee may waive this time period at its sole discretion.