California Code of Regulations › Title 4 - Business Regulations › Division 9.5 - California Debt Limit Allocation Committee › Chapter 1 - General Provisions › Article 4 - Application Schedule and Procedures › Section 5031 - Eligible Applicants

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				  following types of entities may file an Application: Any state or local
				  governmental agency, joint powers authority (JPA) applying for bond allocation
				  for a Project that will be located entirely within the geographical boundaries
				  of one or more of the JPA members (except for a Project described in Government
				  Code section
				  6586.5(c)),
				  special district, nonprofit public benefit corporation that issues only student
				  loan Bonds, or any other public agency that is empowered to issue debt. The
				  Issuer of the Qualified Private Activity Bonds or Mortgage Credit Certificates
				  must be the Applicant.
(b) Where
				  the Applicant is administering a Single Family Housing Program on behalf of one
				  or more jurisdictions, the Applicant must submit the Application to the
				  Committee. The Applicant must also obtain, and provide to the Committee with
				  its Application, a publicly adopted resolution or cooperative agreement from
				  each jurisdiction participating in the Applicant's program that explicitly
				  grant authority to the Applicant to conduct the program in the participant's
				  jurisdiction.
(c) To be eligible to
				  receive CDLAC allocation, all Applicants must submit written Bond Issuance and
				  Post Issuance Compliance Policies for each State Ceiling Pool they request. For
				  QRRP Applicants, these policies must be reviewed by counsel having expertise
				  with the federal and state laws pertaining to the issuance or conversion and
				  post-closing compliance of private activity conduit bonds for consistency with
				  applicable federal and state laws. Such review will be documented via a letter
				  from the respective counsel indicating the review has occurred. Additionally,
				  for all Applicants, the policies must be accompanied by a resolution signed by
				  the appropriate governing body formally adopting the policies. If the governing
				  body has delegated approval authority on such matters to the organization's
				  Executive Director, Housing Director or Finance Director, approval by the
				  delegated individuals will suffice. To the extent contractors will be providing
				  services on behalf of an Applicant, the policies should clarify the
				  relationship between the contractor and the Applicant and what, if any, rights
				  the contractor has to income and obligations generated from the issuance
				  activity. CDLAC will review these policies to ensure the legal review has
				  occurred, appropriate approval documentation is in place and for consistency
				  with the CDLAC regulations. CDLAC will document their formal approval. This
				  requirement will apply immediately to all Applicants who have not received
				  allocation from CDLAC since January of 2013 and for new Applicants. Applicants
				  having received an allocation of bonds from CDLAC after January 2013 will have
				  until December 31st of 2017 to complete and submit policies to CDLAC. If an
				  Applicant has not utilized CDLAC's programs but has a 2017 project pending, a
				  one year waiver to this regulation may be requested. To fulfill this
				  requirement, approval of the policies must be documented in a resolution dated
				  no earlier than 2006. All policies must be reviewed and re-approved at least
				  every 10 years thereafter.
1. New
					 section filed 7-12-2010 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 7-12-2010 (Register 2010, No. 29). A Certificate of Compliance must
					 be transmitted to OAL by 1-10-2011 or emergency language will be repealed by
					 operation of law on the following day.
2. New section refiled
					 1-6-2011 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 1-6-2011 (Register 2011, No. 1). A Certificate of Compliance must be
					 transmitted to OAL by 4-6-2011 or emergency language will be repealed by
					 operation of law on the following day.
3. New section refiled
					 4-1-2011 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 4-6-2011 (Register 2011, No. 13). A Certificate of Compliance must be
					 transmitted to OAL by 7-5-2011 or emergency language will be repealed by
					 operation of law on the following day.
4. Certificate of Compliance
					 as to 4-1-2011 order, including new section heading and amendment of section,
					 transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No.
					 26).
5. Amendment of subsection (a) and new subsection (c) filed
					 12-15-2016 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 12-15-2016 (Register 2016, No. 51). A Certificate of Compliance must
					 be transmitted to OAL by 6-13-2017 or emergency language will be repealed by
					 operation of law on the following day.
6. Amendment of subsection
					 (a) and new subsection (c) refiled 5-30-2017 as an emergency pursuant to
					 Government Code section
					 8869.94;
					 operative 6-14-2017 (Register 2017, No. 22). A Certificate of Compliance must
					 be transmitted to OAL by 9-12-2017 or emergency language will be repealed by
					 operation of law on the following day.
7. Reinstatement of section
					 as it existed prior to 12-15-2016 emergency amendment by operation of
					 Government Code section
					 11346.1(f)
					 (Register 2017, No. 38).
8. Amendment of subsection (a) and new
					 subsection (c) filed 10-13-2017; operative 10-13-2017 pursuant to Government
					 Code section
					 11343.4(b)(3)
					 (Register 2017, No. 41).
Note: Authority cited: Section
						8869.94,
						Government Code. Reference: Sections
						8869.84(f),
						8869.84(g),
						8869.85(a),
						8869.85(b),
						8869.88
						and
						8869.89,
						Government Code.