6-20-5. Request for allocation.
417 words·~2 min read·
/nm/chapter-6-public-finances/article-20-private-activity-bonds/6-20-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A request for allocation may be submitted to the board at any time and shall consist of the following:
A. a letter from the issuing authority or, in the case of a project, a letter from bond counsel for the issuing authority or the user stating the amount of the state ceiling requested in dollars;
B. in the case of a project, a copy of the inducement resolution, certified by an official of the issuing authority, and a statement of bond counsel for the issuing authority or the user that the bonds to be issued are private activity bonds;
C. with respect to a request submitted on or after July 1 in any calendar year, in the case of a project, a project plan containing the following, if applicable:
(1)a description of the project and its specific location;
(2)the estimated number of jobs, both construction and permanent, that can be filled by persons who are residents of the state at the time of submission of the request for allocation;
(3)the current use or conditions of the project site;
(4)the maximum amount of the bonds to be issued;
(5)a proposed starting date and estimated completion date of the construction project;
(6)information relating to the feasibility of the proposed project, showing that the project will generate revenues and cash flow sufficient to make payments under the lease or installment sale agreement;
(7)the amount and source of private capital that will be used for the project in addition to bond financing;
(8)conceptual site plans for the project and a map locating the project area;
(9)in the case of qualified residential rental projects, so-called multifamily housing, an explanation of why the housing needs of individuals whose income will make them eligible under Section 142(d) of the code are not being met by existing multifamily housing;
(10)any other information that the user believes will aid the board in considering the request for allocation; and
(11)any other information specifically requested by the board;
D. in the case of a project, a commitment letter from the proposed purchaser or underwriter of the bonds;
E. in the case of a mortgage credit certificate election, a letter from the issuing authority stating that a qualified mortgage credit certificate program has been adopted by the issuing authority; and
F. such applicable application, allocation and extension fees as are required by rule of the board.
History: Laws 1988, ch. 46, § 5; 2005, ch. 153, § 1.