Section Bfa 402.03 - Effect of Preliminary Official Action(a) Adoption of a preliminary official action resolution by the directors shall be only an expression of intent to issue bonds. Among other things, preliminary official action shall be intended to satisfy "official intent" requirement as set forth in Treas. Reg. Sec. 150-2. The actual issuance of bonds shall be subject to further proceedings by the directors and by the governor and council.(b) Preliminary official action resolutions shall provide that the authority approves a user's commencing the project and making expenditures that shall be reimbursed from bond proceeds under RSA 162-I, but any expenditures made by a user for a project prior to the actual issuance of bonds shall be at user's own risk. Preliminary official action shall not be an assurance that bonds will be issued for the project. Where action is not necessary to satisfy federal tax law requirements, such as the proposed issuance of refunding bonds or of bonds the interest on which is not intended to be excluded from gross income for federal income tax purposes, a user may elect not to seek preliminary official action under Bfa 402.(c) Adoption of a preliminary official action resolution by the directors shall not constitute a reservation or allocation of a portion of the bond limit.N.H. Admin. Code § Bfa 402.03
(See Revision Note at chapter heading for Bfa 100) #5719, eff 10-13-93