2016 Arizona Revised Statutes
Title 35 - Public Finances
§ 35-906; Version 2 Allocations obtained after March 31 through 5:00 p.m. December 16

35-906. Allocations obtained after March 31 through 5:00 p.m. December 16

(L16, Ch. 372, sec. 26. Eff. 1/1/17)

A. Any portions of the state ceiling, including any portions of the state ceiling subject to a confirmation 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. on March 31, other than confirmations extended pursuant to section 35-910 and the state ceiling allocated to the discretion of the director pursuant to section 35-902, subsection B, shall be pooled and are subject to allocation among requests on a first come, first served basis.

B. Obtaining and issuing confirmations on or after April 1 through 5:00 p.m. December 16 shall occur as provided in section 35-904, subject to the following restrictions and changes:

1. Requests may be filed on or after April 1 of each year.

2. A confirmation issued on or after April 1 through 5:00 p.m. December 16 expires and no issuer is deemed to have been allocated any portion of the state ceiling unless the issuer's bonds have been issued or a qualified mortgage credit certificate program has been established and a certificate of closing has been actually filed, and not merely postmarked, with the authority 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, or before 5:00 p.m. December 16, whichever occurs first. The confirmation may be extended as provided in section 35-910.

3. Before the director issues the confirmation, the authority must receive a security deposit in the amount of one percent of the principal amount stated in the request. The security deposit is forfeited to the authority if the bonds are not issued before the expiration of the confirmation or any extension. The security deposit shall not be required pursuant to this paragraph if the direct beneficiary of the bond proceeds is this state or a county, city, town or nonprofit entity, the issuer is a student loan corporation or the project will include urban development action grant or housing development grant financing, is a qualified mortgage revenue bond or is a qualified mortgage credit certificate program.