(a) The board may not grant a reservation of a portion of the state ceiling for a program year before January 2 or after November 15 of that year.
(b) Except as provided by Sections 1372.031-1372.033 and Subsection (c), the board shall grant reservations in the order in which the applications for those reservations are received, regardless of the amounts of the related bond issues.

(c) If, with respect to an application, an issuer receives a carryforward designation under § 1372.061(b), the board shall grant a reservation with respect to the issuer’s next available application on the earlier of the following:
(1) the date of receipt of notice from the issuer that the application for which the issuer received the carryforward designation is being withdrawn; or
(2) if the amount of the carryforward is sufficient to satisfy fully the issuer’s next available application, the date of expiration of the period specified by § 1372.042(a-1).