35-906. Allocations obtained after June 30
through 5:00 p.m. December 16
A. Any portions of the state ceiling, including any portions of the state ceiling
subject to a confirmation for which bonds have not been issued or for which a qualified
mortgage credit certificate program has not been established by 5:00 p.m. on June 30,
other than confirmations extended pursuant to section 35-910 and the state ceiling
allocated to the discretion of the director pursuant to section 35-902, subsection B,
shall be pooled and are subject to allocation among requests on a first come, first
served basis.
B. Obtaining and issuing confirmations on or after July 1 through 5:00 p.m.
December 16 shall occur as provided in section 35-904, subject to the following
restrictions and changes:
1. Requests may be filed on or after July 1 of each year.
2. A confirmation issued on or after July 1 through 5:00 p.m. December 16 expires
and no issuer is deemed to have been allocated any portion of the state ceiling unless
the issuer's bonds have been issued or a qualified mortgage credit certificate program
has been established and a certificate of closing has been actually filed, and not merely
postmarked, with the department no later than ninety days after the date of the
confirmation or the first business day after the ninetieth day if the ninetieth day is
not a business day, or before 5:00 p.m. December 16, whichever occurs first. The
confirmation may be extended as provided in section 35-910.
3. Before the director issues the confirmation, the department must receive a
security deposit in the amount of one per cent of the principal amount stated in the
request. The security deposit is forfeited to the department if the bonds are not issued
before the expiration of the confirmation or any extension. The security deposit shall
not be required pursuant to this paragraph if the direct beneficiary of the bond proceeds
is this state or a county, city, town or nonprofit entity, the issuer is a student loan
corporation or the project will include urban development action grant or housing
development grant financing, is a qualified mortgage revenue bond or is a qualified
mortgage credit certificate program.
4. Except as provided in section 35-910, after June 30 of each year, the director
shall not issue confirmations for any request for allocations submitted directly or
indirectly in connection with a qualified mortgage certificate program or qualified
mortgage revenue bonds.
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