2016 Arizona Revised Statutes
Title 35 - Public Finances
§ 35-907 Allocations after 5:00 p.m. December 16

35-907. Allocations after 5:00 p.m. December 16

(L16, Ch. 372, sec. 27. Eff. until 1/1/17)

A. Any portions of the state ceiling for which bonds have not been issued by 5:00 p.m. December 16, other than confirmations extended pursuant to section 35-910, shall be pooled and are subject to allocation by the chief executive officer to projects eligible for a carry-forward allocation under the code.

B. Obtaining and issuing a confirmation after 5:00 p.m. December 16 shall occur as provided in section 35-904, subject to the following restrictions and changes:

1. A notice of intent shall be filed on or before December 15 with the authority by any issuer, bond counsel or other interested person, with respect to projects for which allocations may be carried forward pursuant to section 146 of the code. Such notice of intent shall be considered and confirmations shall be issued by the chief executive officer to the issuers on December 17. Any portions of the state ceiling 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. December 26 shall be allocated by the chief executive officer and confirmations shall be issued to such issuers before January 1. Issuers shall not file elections with the federal government under section 146 of the code until an allocation has been issued by the authority under this section for the bonds pertaining to a project. The failure to file a notice of intent results in the exclusion of the project from allocations to issuers of any portion of the current calendar year state ceiling.

2. A security deposit equal to one percent of the principal amount stated in the notice of intent shall be received by the authority within five days after notification by the chief executive officer that the project is eligible for a carry-forward allocation. No security deposit is required if the direct beneficiary of the bonds proceeds is this state or a county, city, town or nonprofit entity, the issuer is a student loan corporation, the project includes urban development action grant or housing development grant financing, is a project described in section 1317(3)(N) of the tax reform act of 1986 or is a qualified mortgage revenue bond project or is a qualified mortgage credit certificate program or the confirmation is issued by the chief executive officer on or after December 26. The security deposit is forfeited to the authority if bonds are not issued within three years after the receipt of the deposit. For bonds that are issued from and after December 31, 2015, any security deposit made in relation to the project for which the bonds are issued shall be refunded if the bonds are issued within three years after the receipt of the deposit that is required under this paragraph, whether or not carry-forward allocation is used.