35-907. Allocations after 5:00 p.m. December
16
A. Any portions of the state ceiling for which bonds have not been issued by 5:00
p.m. December 16, other than confirmations extended pursuant to section 35-910, shall be
pooled and are subject to allocation by the director to projects eligible for a
carry-forward allocation under the code.
B. Obtaining and issuing a confirmation after 5:00 p.m. December 16 shall occur as
provided in section 35-904, subject to the following restrictions and changes:
1. A notice of intent shall be filed on or before December 15 with the department
by any issuer, bond counsel or other interested person, with respect to projects for
which allocations may be carried forward pursuant to section 146 of the code. Such
notice of intent shall be considered and confirmations shall be issued by the director to
the issuers on December 17. Any portions of the state ceiling 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. December 26 shall be allocated by the director and
confirmations shall be issued to such issuers before January 1. Issuers shall not file
elections with the federal government under section 146 of the code until an allocation
has been issued by the department under this section for the bonds pertaining to a
project. The failure to file a notice of intent results in the exclusion of the project
from allocations to issuers of any portion of the current calendar year state ceiling.
2. A security deposit equal to one per cent of the principal amount stated in the
notice of intent shall be received by the department within five days after notification
by the director that the project is eligible for a carry-forward allocation. No security
deposit is required if the direct beneficiary of the bonds proceeds is this state or a
county, city, town or nonprofit entity, the issuer is a student loan corporation, the
project includes urban development action grant or housing development grant financing,
is a project described in section 1317(3)(N) of the tax reform act of 1986 or is a
qualified mortgage revenue bond project or is a qualified mortgage credit certificate
program or the confirmation is issued by the director on or after December 26. The
security deposit is forfeited to the department if bonds are not issued within three
years of the receipt of the deposit.
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