9-4-508 - Issuing authorities -- Limitations -- Duties. - Utah Statutes

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Statutes > Utah > Title-09 > Chapter-04 > 9-4-508

9-4-508. Issuing authorities -- Limitations -- Duties.
(1) (a) Any law to the contrary notwithstanding, an issuing authority issuing bondswithout a certificate of allocation issued under Section 9-4-507, or an issuing authority issuingbonds after the expiration of a certificate of allocation, is not entitled to an allocation of thevolume cap for those bonds.
(b) An issuing authority issuing bonds in excess of the amount set forth in the relatedcertificate of allocation is not entitled to an allocation of the volume cap for the excess.
(2) Each issuing authority shall:
(a) advise the board of review, within 15 days after the issuance of bonds, of theprincipal amount of bonds issued under each certificate of allocation by delivering to the board ofreview a copy of the Form 8038 that was delivered or shall be delivered to the Internal RevenueService in connection with the bonds, or, if no Form 8038 is required to be delivered to theInternal Revenue Service, a completed copy of a Form 8038 prepared for the board of reviewwith respect to the bonds; and
(b) if all or a stated portion of the bonds for which a certificate of allocation was receivedwill not be issued, advise the board of review in writing, within 15 days of the earlier of:
(i) the final decision not to issue all or a stated portion of the bonds; or
(ii) the expiration of the certificate of allocation.
(3) Failure by an issuing authority to notify the board of review under Subsection (2),including failure to timely deliver a Form 8038, may, in the sole discretion of the board ofreview, result in the issuing authority being denied further consideration of applications.

Amended by Chapter 170, 2005 General Session

State Codes and Statutes

Statutes > Utah > Title-09 > Chapter-04 > 9-4-508

9-4-508. Issuing authorities -- Limitations -- Duties.
(1) (a) Any law to the contrary notwithstanding, an issuing authority issuing bondswithout a certificate of allocation issued under Section 9-4-507, or an issuing authority issuingbonds after the expiration of a certificate of allocation, is not entitled to an allocation of thevolume cap for those bonds.
(b) An issuing authority issuing bonds in excess of the amount set forth in the relatedcertificate of allocation is not entitled to an allocation of the volume cap for the excess.
(2) Each issuing authority shall:
(a) advise the board of review, within 15 days after the issuance of bonds, of theprincipal amount of bonds issued under each certificate of allocation by delivering to the board ofreview a copy of the Form 8038 that was delivered or shall be delivered to the Internal RevenueService in connection with the bonds, or, if no Form 8038 is required to be delivered to theInternal Revenue Service, a completed copy of a Form 8038 prepared for the board of reviewwith respect to the bonds; and
(b) if all or a stated portion of the bonds for which a certificate of allocation was receivedwill not be issued, advise the board of review in writing, within 15 days of the earlier of:
(i) the final decision not to issue all or a stated portion of the bonds; or
(ii) the expiration of the certificate of allocation.
(3) Failure by an issuing authority to notify the board of review under Subsection (2),including failure to timely deliver a Form 8038, may, in the sole discretion of the board ofreview, result in the issuing authority being denied further consideration of applications.

Amended by Chapter 170, 2005 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-09 > Chapter-04 > 9-4-508

9-4-508. Issuing authorities -- Limitations -- Duties.
(1) (a) Any law to the contrary notwithstanding, an issuing authority issuing bondswithout a certificate of allocation issued under Section 9-4-507, or an issuing authority issuingbonds after the expiration of a certificate of allocation, is not entitled to an allocation of thevolume cap for those bonds.
(b) An issuing authority issuing bonds in excess of the amount set forth in the relatedcertificate of allocation is not entitled to an allocation of the volume cap for the excess.
(2) Each issuing authority shall:
(a) advise the board of review, within 15 days after the issuance of bonds, of theprincipal amount of bonds issued under each certificate of allocation by delivering to the board ofreview a copy of the Form 8038 that was delivered or shall be delivered to the Internal RevenueService in connection with the bonds, or, if no Form 8038 is required to be delivered to theInternal Revenue Service, a completed copy of a Form 8038 prepared for the board of reviewwith respect to the bonds; and
(b) if all or a stated portion of the bonds for which a certificate of allocation was receivedwill not be issued, advise the board of review in writing, within 15 days of the earlier of:
(i) the final decision not to issue all or a stated portion of the bonds; or
(ii) the expiration of the certificate of allocation.
(3) Failure by an issuing authority to notify the board of review under Subsection (2),including failure to timely deliver a Form 8038, may, in the sole discretion of the board ofreview, result in the issuing authority being denied further consideration of applications.

Amended by Chapter 170, 2005 General Session