2023 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 authority a request and 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 authority at 5:00 p.m. on the business day the request is actually received at the authority,  whether by mail or email. 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 G,  section 35-909 and subsection D of this section,  a confirmation issued before 5:00 p.m. on March 31 expires and an allocation is not 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 and received,  not merely postmarked,  including by email,  with the authority not 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 the ninety-day period or 5:00 p.m. on March 31.
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-rural 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 an allocation is not 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 and received,  not merely postmarked,  including by email,  with the authority not later than 5:00 p.m. on December 26 or the next business day if December 26 is not a business day.
E. Subject to this section and section 35-909,  the confirmation shall ensure 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 March 31,  exceed the respective aggregate amount allocated under section 35-902,  subsection C,  D or E for such purpose,  and from April 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 by the related issuer,  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. Except for confirmations made pursuant to section 35-902,  subsection B,  the director may only issue a single confirmation for each request.
G. A confirmation made pursuant to section 35-902,  subsection B may be accompanied by a certificate executed by the director. On request,  the director 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 considers to be necessary to verify the accuracy of the certificate.
H. The director shall issue confirmations within three business days after 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 authority shall notify the issuer and any other contact person listed in the request in writing,  by email or by telephone of the issuance of a confirmation. The authority is not responsible for returning confirmations to the filing party. A confirmation shall be available for pickup at the authority after issuance of the confirmation.