§ 24-32-1709 — Application for allocation from statewide balance

(1) An
issuing authority may request an allocation from the statewide balance by filing
with the department a separate application regarding each project for which an
allocation is requested, signed by an officer of the issuing authority. Each
application shall be filed on a form provided by the department, which shall contain
the following information and attachments:

(a) The name of the issuing authority;

(b) The mailing address of the issuing authority;

(c) The name and title of the official of the issuing authority and the name
and address of the legal counsel of said authority to whom notices should be sent
and from whom information may be obtained;

(d) The principal amount of the bonds proposed to be issued;

(e) The nature and the location or purpose of the project;

(f) The initial owner, user, or beneficiary of the project;

(g) A written, preliminary opinion of bond counsel, addressed to the
department, that the bonds proposed to receive the allocation constitute private
activity bonds as defined in section 141 of the code and stating the amount of such
bonds requiring an allocation under the state ceiling and that the issuing authority
is authorized under the laws and constitution of the state to issue such bonds. The
written opinion required by this paragraph (g) may be based on the assumption that
an allocation will be made and the opinion shall cite the authority upon which it is
based.

(h) A copy of the fully executed inducement resolution of the issuing
authority relating to the project that is the subject of the application, certified as a
true and correct copy by an authorized officer of the issuing authority; and

(i) Any information regarding the project to be financed with the proceeds of
the bonds which are the subject of the requested allocation or regarding the
financing which the issuing authority may want to provide to the department or
which the department may request.

(2) To the extent that an issuing authority requests an allocation from the
statewide balance in respect of which it expects to make an election for a
carryforward purpose, such application, in addition to the application information
and attachments set forth in subsection (1) of this section, shall be accompanied by
the following:

(a) The classification of the carryforward purpose under section 146 (f)(5) of
the code;

(b) Any information required by section 146 (f)(2) of the code;

(c) A certification signed by both an official of the issuing authority
responsible for the supervision of the issuance of the bonds and, if applicable, a
representative of the person or entity constructing, acquiring, or rehabilitating the
project stating that they will proceed with diligence to ensure the issuance of the
bonds within the carryforward period provided by section 146 (f) of the code; and

(d) A written, preliminary opinion from bond counsel that the carryforward
purpose qualifies for carryforward treatment under section 146 (f) of the code.

Legislative History

Source: L. 87: Entire part added, p. 994, � 1, effective May 20.