2010 Arizona Revised Statutes
Title 35 - Public Finances
35-904 Obtaining and issuing confirmations

35-904. Obtaining and issuing confirmations

A. Subject to section 35-905, a confirmation allocating a portion of the state ceiling to a project must be obtained before the sale or issuance of bonds or mortgage credit certificates by the issuer. A confirmation may be obtained by filing with the department a request and filing with the department evidence of an inducement resolution or other official action taken by the issuer in connection with the project. Requests filed by mail are deemed to be filed with the department at 5:00 p.m. on the day the request is actually received at the department. All requests received on the same date and at the same time shall be dated and numbered by lot and confirmations to those requests shall be issued in the order determined by lot.

B. On and after the first business day of each year, a request may be prepared and filed by the issuer or on behalf of the issuer by bond counsel or any other interested person.

C. Except as provided in section 35-902, subsection I, section 35-909 and subsection D of this section, a confirmation issued before 5:00 p.m. on June 30 expires and no allocation is deemed to be made unless the applicable bonds have been issued or a qualified mortgage credit certificate program has been established and a certificate of closing has been actually filed, 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. The confirmation may be extended as provided in section 35-910 beyond such ninety day period or 5:00 p.m. on June 30.

D. Notwithstanding subsection C of this section, a confirmation issued for a project to be funded in part with an urban development action grant to be made under section 119 of the housing and community development act of 1974 (P.L. 93-383; 88 Stat. 633) or a housing development grant to be made under section 301 of the housing and urban-renewal recovery act of 1983 (P.L. 98-181, title III, section 301, 97 Stat. 1196 and amended October 17, 1984, P.L. 98-479, title III, section 103, 98 Stat. 2223) expires and no allocation is deemed to be made unless the applicable bonds have been issued and a certificate of closing and evidence satisfactory to the director of the commitment to make an urban development action grant or a housing development grant with respect to such project have been actually filed, not merely postmarked, with the department no later than 5:00 p.m. on December 26.

E. Subject to this section and section 35-909, the confirmation shall assure allocation in the manner prescribed by the code for a dollar amount of bonds or a qualified mortgage credit certificate program not in excess of the amount set forth in the confirmation.

F. The director shall decline to issue confirmations at such time as the aggregate amount of bonds or mortgage credit certificates allocated under all confirmations previously issued and not expired, together with the proposed issue of bonds or mortgage credit certificates as to which a request has been received, would, through 5:00 p.m. on June 30, exceed the respective aggregate amount allocated under section 35-902, subsection C, D, E, F or G for such purpose, and from July 1, exceed the aggregate amount of the state ceiling that is not allocated under an unexpired confirmation nor within the discretion of the director pursuant to section 35-902, subsection B. On expiration of a confirmation or release of an allocation, the director shall issue a confirmation to the next numbered request which is equal to or less than the then available portion of the state ceiling or to the next numbered request if the principal amount of such request is reduced to an amount equal to or less than the then available portion of the state ceiling available for such purpose. The director may only issue a single confirmation for each request.

G. A confirmation made pursuant to the director's discretion may be accompanied by a certificate executed by the director. The director, on request, shall execute a certificate stating that the confirmation was not made in consideration of any bribe, gift, gratuity or direct or indirect contribution to any political campaign. The director may require such oaths or affirmations as the director deems necessary to verify the accuracy of the certificate.

H. The director shall attempt to issue confirmations within three business days of receipt and shall issue confirmations in the order of receipt of fully and properly completed requests within the limitations of subsection F of this section. The department shall notify the issuer or other contact person listed in the request in writing, by telefacsimile or by telephone of the issuance of a confirmation. The department is not responsible for returning confirmations to the filing party. A confirmation shall be available for pickup at the department after issuance of the confirmation.