2006 Utah Code - 9-4-507 — Certificates of allocation.

     9-4-507.   Certificates of allocation.
     (1) (a) After an allocation of volume cap for a project or program is approved by the board of review a numbered certificate of allocation shall be issued stating the amount of the allocation, the allotment account for which the allocation is being made, and the expiration date of the allocation.
     (b) The certificates of allocation shall be mailed to the issuing authority within ten working days of the date of approval.
     (c) No bonds are entitled to any allocation of the volume cap unless the issuing authority received a certificate of allocation with respect to the bonds.
     (d) Certificates of allocation shall remain in effect for a period of 90 days from the date of approval. If bonds for which a certificate has been approved are not issued within the 90-day period, the certificate of allocation is void and volume cap shall be returned to the applicable allotment account for reallocation by the board of review.
     (2) (a) An issuing authority receiving an allocation of volume cap from the Carryforward Account shall receive a certificate of allocation similar to the certificates of allocation described in Subsection (1) from the board of review stating the amount of allocation from the Carryforward Account that have been allocated to the issuing authority and the expiration of the allocation.
     (b) If in the judgment of the board of review any issuing authority or any person or entity responsible for a project or program receiving an allocation from the Carryforward Account does not proceed with diligence in providing for the issuance of the bonds with respect to the project or program, and because of the lack of such diligence the volume cap cannot be used, the board of review may exclude from its consideration for a given period of time, determined by the board of review, applications of these issuing authorities or persons or entities. The board of review may, at any time, review and modify its decisions relating to this exclusion.

Enacted by Chapter 287, 1992 General Session