California Code of Regulations › Title 4 - Business Regulations › Division 9.5 - California Debt Limit Allocation Committee › Chapter 1 - General Provisions › Article 1 - Definitions › Section 5000 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In addition to the definitions set forth in Government Code
					 section
					 8869.82
					 and unless otherwise required by the context, the following terms as used in
					 this division are defined as follows:
"Accredited Investor", also known as a "Sophisticated
					 Investor", means an entity as defined by the United States Securities and
					 Exchange Commission under Rule 501, regulation D of the Securities Act of
					 1933.
"Allocation" means the portion of the State Ceiling awarded
					 by the Committee to an Applicant.
"Allocation Round" means a meeting or series of meetings of
					 the Committee during which a predetermined portion of the State Ceiling is made
					 available for allocation by the Committee to one or more Applicants selected by
					 the Committee during that meeting or series of meetings.
"Annual Applicant Public Benefits and Ongoing Compliance
					 Self-Certification (Revised 9/20/17)", hereby incorporated by reference, means
					 the document in the online compliance certification system to be completed by
					 the Issuer in which the Issuer certifies that the Project is in compliance with
					 all of the terms and conditions set forth in the Committee Resolution.
"Applicant" means the following entities submitting an
					 Application to the Committee:
* a state or local governmental agency; or
* a joint powers authority (JPA) applying for bond
					 allocation for a project, except for projects described in Government Code
					 Section
					 6586.5(c),
					 that is or will be located entirely within the geographical boundaries of one
					 or more of the JPA's members; or
* a special district; or
* a nonprofit public benefit corporation that issues only
					 student loan bonds; or
* any other public agency that is empowered to issue debt.
					 "Application" means the request by an Applicant to the Committee for an
					 Allocation of the State Ceiling which shall include the information specified
					 in article 4 of this chapter.
"Bond" means either a Qualified Private Activity Bond or a
					 Governmental Bond as defined in this section.
"Bond Default" means a material default as defined within
					 an Issuer's Bond documents, but does not include for the purposes of this
					 definition, defaults that are technical in nature such as a failure to maintain
					 covenants, failing to charge rates sufficient to meet rate covenants, failing
					 to maintain insurance on the Project, or failing to fund various
					 reserves.
"Bond Issuance and Post Issuance Compliance Policies" means
					 policies established by an Applicant to guide the process of issuing private
					 activity bonds and ensuring post-issuance compliance including but not limited
					 to a description of the fee structure, application and approval process
					 (including TEFRA), threshold eligibility criteria for applicants and projects,
					 long term regulatory requirements (if any), and monitoring practices.
"Bond Regulatory Agreement" means the agreement between the
					 Issuer, Project Sponsor, and any third party related to the ownership,
					 financing, and management of a proposed Qualified Residential Rental Project
					 that binds the parties to the commitments made in the Application that resulted
					 in the Allocation for the Project and any other requirements mandated by
					 26 U.S.C. section
					 142.
"CIEDB" means the California Infrastructure and Economic
					 Development Bank.
"Cash Flow Permanent Bond" means a bond where the
					 identified payment source is based on cash flow availability in the form of
					 residual payments and that are issued for the purposes of providing permanent
					 financing that (i) does not meet CDLAC's Debt Service Coverage Ratio
					 requirement in Section
					 5193 and that, (ii) together with
					 all other Bonds not meeting CDLAC's Debt Service Coverage Ratio requirements in
					 Section 5193 (if any), exceed 5% of the
					 total project cost.
"Census Designated Place" means a place designated as a
					 census designated place by the Bureau of the Census.
"Certificate of Completion for Non-Qualified Residential
					 Rental Projects" (Revised 06-01-2017), hereby incorporated by reference,
					 submitted by the Project Sponsor of a Non-Qualified Residential Rental Project,
					 certifies that all work on the Project was substantially completed, along with
					 the aggregate amount disbursed on the loan for qualified project costs. In
					 addition, the officer's signature indicates that no more than 2% of the
					 proceeds of the bonds issued were spent on the cost of the bond
					 issuance.
"Certificate of Completion for Qualified Residential Rental
					 Projects" (Revised 06-01-2017), hereby incorporated by reference, submitted by
					 the Project Sponsor of a Qualified Residential Rental Project, and certifies
					 that all work on the Project was substantially completed, along with the
					 aggregate amount disbursed on the loan for qualified project costs. In
					 addition, the officer's signature indicates that no more than 2% of the
					 proceeds of the bonds issued were spent on the cost of the bond
					 issuance.
"Certification of Compliance I (Revised 11-16-16)", hereby
					 incorporated by reference, means the document provided in the Committee
					 Resolution to be completed by the Project Sponsor in which the Project Sponsor
					 certifies that the Project is in compliance with all of the terms and
					 conditions set forth in the Committee Resolution.
"Certification of Compliance II for Non-Qualified
					 Residential Rental Projects" (Revised 9/20/17), hereby incorporated by
					 reference, is a form for Applicant/Issuers awarded allocation in 2017 forward.
					 Applicant/Issuers retain the Certification form for a period of three years in
					 place of the Certification of Compliance I (11-16-16) to ensure that the
					 Project Sponsor is reporting all relevant compliance and possible changes to
					 the Project or program to the Applicant.
"Certification of Compliance II for Qualified Residential
					 Rental Projects" (Revised 06-01-2017), hereby incorporated by reference, is a
					 form for Applicant/Issuers awarded allocation in 2017 forward.
					 Applicant/Issuers retain the Certification form for a period of three years in
					 place of the Certification of Compliance I (11-16-16) to ensure that the
					 Project Sponsor is reporting all relevant compliance and possible changes to
					 the Project or program to the Applicant.
"Committee" means the California Debt Limit Allocation
					 Committee established by California Government Code sections
					 8869.80 et
					 seq.
"Committee Resolution" means for any Allocation, the
					 resolution duly adopted by the Committee that, among other things, memorializes
					 the grant of the Allocation by the Committee to the Applicant.
"Competitive Application Process" means the procedure under
					 which the Committee shall evaluate an Application for an award of Allocation
					 that is competitive based upon the number of points each Application is
					 awarded. Applications submitted under this process shall be awarded points only
					 when the Project qualifies for those points and evidence supporting an award of
					 points is documented in the Application when submitted.
"Credit Enhancement" means the additional assurance
					 provided by a third party pursuant to a payment guaranty, letter of credit,
					 bond insurance or other similar vehicle with a marketable investment grade
					 credit rating.
"Credit Enhancer" means the party providing Credit
					 Enhancement.
"CSFA" means the California School Finance
					 Authority.
"CTCAC" means the California Tax Credit Allocation
					 Committee.
"Distressed Community" means a community that the Applicant
					 demonstrates to be any one or more of the following:
* A community with an unemployment rate equal to or greater
					 than 125% of the statewide average based on the California Employment
					 Development Department's most recent annual average for sub-county
					 areas.
* A community with median family income of less than 80% of
					 the statewide average based on the most recent census data available for cities
					 or Census Designated Places. If no city or Census Designated Place level data
					 is available, or if the Applicant chooses to identify a project benefit area
					 that is smaller than a city or Census Designated Place, such as census tract or
					 tracts, smaller areas will be used.
* A community with a poverty rate equal to or greater than
					 110% of the statewide average based on the most recent census data available
					 for cities or Census Designated Places. If no city or Census Designated Place
					 level data is available, or if the Applicant chooses to identify a project
					 benefit area that is smaller than a city or Census Designated Place such as a
					 census tract or tracts, smaller geographic areas will be used.
* A community or county affected by a state of emergency
					 within California and declared a disaster by the President of the United
					 States, the Administrator of the United States Small Business Ad ministration,
					 or the United States Secretary of Agriculture, or de clared to be in a State of
					 Emergency by the Governor of the State of California.
"Draw-down Bond Issuance" means a draw-down loan as defined
					 for purposes of 26 U.S.C.
					 sections 103 and
					 141 through
					 150 (generally, a Bond issue in
					 which Bonds are delivered to the Bond purchaser intermittently as funds are
					 needed by the Bond Issuer and the Bond Issuer only provides payments based on
					 the amount of Bonds drawn-down).
"Executive Director" means the Executive Director of the
					 Committee.
"Exempt Facility Project" means a Project financed with an
					 exempt facility bond satisfying the requirements of
					 26 U.S.C. section
					 142, except that airports, docks and wharves,
					 governmentally owned solid waste disposal facilities, and Qualified Residential
					 Rental Projects shall not be considered exempt facilities for purposes of these
					 regulations.
"Exempt Facility Project Pool" means the reserve of the
					 State Ceiling established by the Committee for Exempt Facility Projects.
"Extra Credit Teacher Home Purchase Program" means a
					 program offering Mortgage Credit Certificates or loans funded by Mortgage
					 Revenue Bonds to eligible teachers, eligible administrators, eligible
					 classified employees, and eligible staff members for the purpose of assisting
					 them in becoming homeowners.
"Extra Credit Teacher Home Purchase Program Pool" means the
					 reserve of the State Ceiling established by the Committee for the Extra Credit
					 Teacher Home Purchase Program.
"Federally Bond-Restricted Units" are Project units that
					 are restricted pursuant to 26 U.S.C. Section 142(d)(1)(A) or
					 (B).
"General Project Pool" means a reserve within the Qualified
					 Residential Rental Project Pool that may be established by the Committee that
					 does not include either Rural Projects or Mixed Income Projects.
"Governmental Bond" means a Bond issued by or on behalf of
					 a governmental entity that is not considered a Qualified Private Activity
					 Bond.
"Investor Representation Letter" means a letter from
					 initial investors of a Bond offering that includes but is not limited to a
					 certification that they reasonably meet the standards of a Sophisticated
					 Investor or Qualified Institutional Buyer, that they are purchasing Bonds for
					 their own account, that they have the sophistication to evaluate the merits and
					 risks of the investment and suffer a loss of the investment, that they have
					 been furnished all the information which they and their advisers requested on
					 the offering and have had an opportunity to ask questions relating to that
					 information, and other such matters.
"Issuer" means an entity empowered to issue Bonds.
"Job Creation" means new permanent full-time jobs created
					 by the Project Sponsor. The number of jobs created shall be calculated after
					 deducting any jobs within the State that are eliminated by the company. Job
					 Creation must be met within two (2) years following the completion of the
					 Project. The Job Creation requirement may be monitored by CIEDB utilizing
					 California Employment Development Department employment statistics.
"Job Wage" means the average hourly general manufacturing
					 wage for the Metropolitan Statistical Area in which a Project is located, based
					 on the Bureau of Labor Statistics Series Code from the California Employment
					 Development Department. If a Project is not located in an area for which the
					 Employment Development Department keeps hourly wage data or not located in a
					 defined Metropolitan Statistical Area, the closest comparable area in which
					 hourly wage is available may be used.
"LEED Certified" means Leadership in Energy &
					 Environmental Design certification by the U.S. Green Building Council.
"Local Issuer" means a local government entity that issues
					 Mortgage Revenue Bonds or Mortgage Credit Certificates for Single Family
					 Housing Programs or small-issue industrial development Bonds or a joint powers
					 authority that issues small-issue industrial development Bonds on behalf of a
					 local government entity.
"Market Study" means a comprehensive document prepared by a
					 third party which contains information related to the Project's market
					 area.
"Metropolitan Statistical Area" means the geographic entity
					 defined by the U.S. Office of Management and Budget (OMB).
"Mixed Income Project" means a Qualified Residential Rental
					 Project that is a New Construction project and either (1) is not utilizing the
					 Average Income test of Internal Revenue Code Section
					 42(g)(1)(C) and
					 has 50% or fewer of its total units designated as Restricted Rental Units, or
					 (2) is part of the California Housing Finance Agency Mixed-Income Program. In a
					 Competitive Application Process, a Mixed Income Project may only apply for an
					 allocation of tax-exempt bonds if the ratio of tax-exempt bonds, not including
					 recycled bonds, to aggregate depreciable basis plus land basis is less than or
					 equal to the ratio of units that will be restricted pursuant to a CTCAC
					 regulatory agreement.
"Mortgage Credit Certificate" means a mortgage credit
					 certificate as defined by 26
					 U.S.C. section
					 25(c)(1).
"Mortgage Revenue Bond" means a bond defined by
					 26 U.S.C. section
					 143(a).
"Mortgage Revenue Bond Program" means a program defined by
					 26 U.S.C. section
					 143(a).
"Nationally Recognized Statistical Rating Organization"
					 means credit rating agencies that satisfy the requirements of
					 15 U.S.C. section
					 78(c)(62).
"Open Application Process" means the procedure under which
					 the Committee will evaluate an Application for an award of Allocation that is
					 not competitive. The Committee will not review an incomplete Application except
					 to determine whether the Application is incomplete and notify the Applicant of
					 the deficiency.
"Performance Deposit Certification" means the form titled
					 "Performance Deposit Certification Form for an Application for an Allocation of
					 Qualified Private Activity Bonds" (revised 1-18-12), which is hereby
					 incorporated by reference.
"Placement Agent or Underwriter Statement" means the
					 statement provided by the firm contracted to market the Bonds proposed in the
					 Application that includes a brief paragraph on the firm's history and
					 principals, a summary of the firm's non-binding initial underwriting review, an
					 overview of proposed issuance structure including anticipated debt service
					 coverage ratio, and a statement certifying that the proposed transaction has
					 been initially underwritten and meets the firm's standards for
					 participation.
"Project" means the subject property for which an
					 Application for Allocation has been submitted.
"Project Sponsor" means the entity, or CDLAC authorized
					 affiliate thereof, using the proceeds of a Bond issue to complete the Project
					 described in the Application.
"Project Wage" means the average hourly wage of the jobs
					 created by a Project.
"Public Transit Corridor" means an existing or planned
					 public mass transit guide way or bus way station, or multimodal transportation
					 terminal serving public mass transit operations within one-third mile of the
					 Project.
"Qualified Institutional Buyer (QIB)" means an entity
					 defined by the United States Securities and Exchange Commission in Rule 144A
					 under the Securities Act of 1933.
"Qualified Private Activity Bond" means a Bond that
					 satisfies the requirements of
					 26 U.S.C. sections
					 141 et seq.
"Qualified Recovery Zone Bond Issuer" means eligible
					 Issuers of Recovery Zone Bonds including states, political subdivisions as
					 defined for purposes of U.S. Treasury Regulations, Section
					 103, and entities empowered to
					 issue Bonds on behalf of any such entity under rules similar to those used to
					 determine whether a Bond issued on behalf of a state or political subdivision
					 constitutes an obligation of the state or political subdivision for purposes of
					 U.S. Treasury Regulations, Section
					 103 and subchapter A, 1.103-1(b),
					 or eligible Issuers in conduit financing issues as defined in U.S. Treasury
					 Regulations, subchapter A, 1.150-1(b). An eligible Issuer may issue Recovery
					 Zone Bonds based on a volume cap allocation received by the eligible Issuer
					 itself or by a conduit borrower or other ultimate beneficiary of the issue of
					 the Bonds.
"Qualified Residential Rental Project (QRRP)" means a
					 qualified residential rental project as defined by
					 26 U.S.C. section
					 142(d)(1).
"Qualified Residential Rental Project Pool" means the
					 reserve of the State Ceiling established by the Committee for Qualified
					 Residential Rental Projects.
"Qualifying Bond Default" means a Bond Default in which the
					 final disposition resulted in bondholders involuntarily not being paid in whole
					 or in part.
"Recovery Zone" means an area designated by the local
					 issuing entity defined pursuant to
					 26 U.S.C. section
					 1400U-1(b) as meeting one of
					 the following criteria:
* Significant poverty, unemployment, rate of home
					 foreclosures or general distress
* Economically distressed because of military base closure
					 or realignment
* An area which has been designation as an empowerment zone
					 or a renewal community
"Recovery Zone Bond (RZB)" means a Bond issued as a
					 Recovery Zone Economic Development Bonds or a Recovery Zone Facility
					 Bonds.
"Recovery Zone Economic Development Bonds (RZEDB)" means a
					 type of Build America Bond issued before January 1, 2011 in which the Issuer
					 shall receive a credit from the Treasury Department equal to 45% of the
					 interest payment.
"Recovery Zone Economic Development Bond (RZEDB)
					 Reallocation Pool" means the reserve of the amount Deemed Waived by the
					 Committee for reallocation of Recovery Zone Economic Development Bonds.
"Recovery Zone Facility Bonds (RZFB)" means a category of
					 Bonds created by the American Recovery and Reinvestment Act of 2009 (ARRA) that
					 will be treated as Exempt Facility Bond Project as defined per
					 26 U.S.C. section
					 142.
"Recovery Zone Facility Bonds (RZFB) Reallocation Pool"
					 means the reserve of the amount Deemed Waived by the Committee for reallocation
					 of Recovery Zone Facility Bonds.
"Regulatory Period and/or Compliance Period" means for
					 projects awarded allocation after December 31, 2016 a period of time enumerated
					 in the CDLAC resolution whereby Annual Applicant Public Benefits and On-going
					 Compliance Self Certification is required to be submitted. For QRRP projects
					 the period of time will be consistent with Section
					 5192, for IDBs the longer of
					 project completion or 2 years after the project completion if a job creation
					 election is made, and for all other programs when the project is completed or
					 allocation has been utilized.
"Related Party" means the more stringent of the
					 constructive ownership provisions of
					 26 U.S.C. section
					 267 or the following:
* The brothers, sisters, spouse, ancestors, and direct
					 descendants of a person;
* A person and corporation where that person owns more than
					 50% in value of the outstanding stock of that corporation;
* Two or more corporations, general partnership(s), limited
					 partnership(s) or limited liability corporations connected through debt or
					 equity ownership, in which stock is held by the same persons or entities
					 for:
* At least 50% of the total combined voting power of all
					 classes that can vote, or;
* At least 50% of the total value of shares of all classes
					 of stock of each of the corporations, or;
* At least 50% of the total value of shares of all classes
					 of stock of at least one of the other corporations, excluding, in computing
					 that voting power or value, stock owned directly by that other
					 corporation.
* There exists concurrent ownership by a parent or related
					 entity, regardless of the percentage of ownership, or a separate entity from
					 which income is derived;
* There exists concurrent ownership by a parent or related
					 entity, regardless of the percentage of ownership, or a separate entity where a
					 sale-leaseback transaction provides the parent or related entity with income
					 from the property leased or that creates an undue influence on the separate
					 entity as a result of the sale-leaseback transaction;
* There exists concurrent ownership by a parent or related
					 entity, regardless of the percentage of ownership, of a separate entity where
					 an interlocking directorate exists between the parent or related entity and the
					 separate entity.
* A grantor and fiduciary of any trust;
* A fiduciary of one trust and a fiduciary of another
					 trust, if the same person is a grantor of both trusts;
* A fiduciary of a trust and a beneficiary of that
					 trust;
* A fiduciary of a trust and a corporation where more than
					 50% in value of the outstanding stock is owned by or for the trust or by or for
					 a person who is a grantor of the trust;
* A person or organization and an organization that is
					 tax-exempt under 26 U.S.C.
					 section 501(c)(3) or (4) and
					 that is affiliated with or controlled by that person or the person's family
					 members, as provided in the first bullet of this section, or by that
					 organization;
* A corporation and a partnership or joint venture if the
					 same persons own more than:
* 50% in value of the outstanding stock of the corporation;
					 and o 50% of the capital interest, or the profits' interest, in the partnership
					 or joint venture;
* One S corporation or limited liability corporation and
					 another S corporation or limited liability corporation if the same persons own
					 more than 50% in value of the outstanding stock of each corporation;
* An S corporation or limited liability corporation and a C
					 corporation, if the same persons own more than 50% in value of the outstanding
					 stock of each corporation;
* A partnership and a person or organization owning more
					 than 50% of the capital interest, or the profits' interest, in that
					 partnership; or
* Two partnerships where the same person or organization
					 owns more than 50% of the capital interests or profits' interests.
"Report of Action Taken" means a report provided by and due
					 to the Committee not more than three (3) business days following the use of
					 Allocation to issue Bonds or Mortgage Credit Certificates.
"Report of Action Taken for Bonds" means the specific
					 Report of Action Taken due to the Committee following the use of Allocation for
					 Qualified Private Activity Bonds (excluding RZBs) titled "Report of Action
					 Taken Regarding the Issuance of Private Activity Bonds" (revised 11-16-16),
					 which is hereby incorporated by reference.
"Report of Action Taken for MCCs" means the specific Report
					 of Action Taken due to the Committee following the use of Allocation to issue
					 Mortgage Credit Certificates Bonds titled "Report of Action Taken Regarding
					 Mortgage Credit Certificate Program" (revised 1-11-11), which is hereby
					 incorporated by reference.
"Report of Action Taken for MCCs (Carryforward)" means the
					 specific Report of Action Taken due to the Committee following the use and/or
					 Carryforward of Allocation to issue Mortgage Credit Certificates titled "Report
					 of Action Taken Regarding a Carryforward Election and a Mortgage Credit
					 Certificate Program" (revised 11-11-11), which is hereby incorporated by
					 reference.
"Report of Action Taken for RZBs" means the specific Report
					 of Action Taken due to the Committee following the use of Allocation for RZBs
					 titled "Report of Action Taken Regarding the Issuance of Recovery Zone Bonds"
					 (revised 11-30-18), which is hereby incorporated by reference.
"Restricted Rental Units" means tenant occupied units
					 within a Qualified Residential Rental Project that are restricted to households
					 earning 60% or less of the applicable median family income pursuant to a Bond
					 Regulatory Agreement.
"Rural Project" means a Qualified Residential Rental
					 Project that is a New Construction Project located in a rural area as defined
					 by Health and Safety Code section
					 50199.21
					 but shall not include a Mixed Income Project.
"Rural Project Pool" means a reserve within the Qualified
					 Residential Rental Project Pool that may be established by the
					 Committee.
"RZEDB Application" means the Application titled
					 "Application for an Award of American Recovery and Reinvestment Act of 2009
					 Recovery Zone Economic Development Bonds" (revised 5-5-11), which is hereby
					 incorporated by reference.
"RZFB Application" means the Application titled
					 "Application for an Award of American Recovery and Reinvestment Act of 2009
					 Recovery Zone Facility Development Bonds" (revised 5-5-11), which is hereby
					 incorporated by reference.
"Single Family Housing Program" means a program satisfying
					 the requirements of 26
					 U.S.C. section 25 and
					 26 U.S.C. section
					 143.
"Single Family Housing Program Bonus Pool" means a reserve
					 within the Single Family Housing Program Pool that may be established by the
					 Committee.
"Single Family Housing Program Pool" means the reserve of
					 the State Ceiling established by the Committee for Single Family Housing
					 Programs.
"Single Family Housing State Issuer" means any state agency
					 that issues Mortgage Revenue Bonds or Mortgage Credit Certificates for Single
					 Family Housing Programs.
"Small-Issue Industrial Development Bond Project" means a
					 Project that meets the requirements for a qualified small-issue Bond as
					 described under 26 U.S.C.
					 section 144.
"Small-Issue Industrial Development Bond Project Pool"
					 means the reservation of the State Ceiling reserved for Small-Issue Industrial
					 Development Bond Projects.
"Sophisticated Investor (SI)", see Accredited Investor
					 definition.
"Standard Permanent Bonds" means Bonds issued for the
					 purposes of providing permanent Project financing which (i) meet CDLAC's Debt
					 Service Coverage Ratio requirement in Section
					 5193 or (ii) are not Cash Flow
					 Permanent Bonds.
"State Ceiling" means the amount of Qualified Private
					 Activity Bonds that can be issued in California for each calendar year
					 specified by 26 U.S.C.
					 section 146(d), and the
					 amount reserved to California pursuant to sections
					 1112 and
					 1401 of the American Recovery and
					 Reinvestment Act of 2009 as established by and announced by the Committee in
					 accordance with article 2 of this chapter.
"State Ceiling Pools" means the individual pools created by
					 the Committee and as defined in this chapter.
"Student Loan Program" means a program that meets the
					 requirements for a qualified student loan Bond under
					 26 U.S.C. section
					 144(b).
"Student Loan Program Pool" means the reserve of the State
					 Ceiling established by the Committee for Student Loan Programs.
"Supplemental Allocation Pool" means the reserve of the
					 State Ceiling established by the Committee for supplemental allocation on
					 Qualified Residential Rental Projects.
"Taxable Debt" means conventional financing from a major
					 financial institution or taxable Bonds issued by a municipality including but
					 not limited to Build America Bonds or Recovery Zone Bonds.
"TEFRA Resolution (Tax Equity and Fiscal Responsibility Act
					 of 1982)" means an approval by the applicable elected representative of the
					 governmental unit having jurisdiction over the proposed Project, as required by
					 26 U.S.C. section
					 147(f), that is documented
					 and includes a certification executed by the applicable elected representative
					 or their designee.
"Travelling Investor Representation Letter" means the
					 certification from initial investor(s) of a Bond offering that they have no
					 present intention of reoffering the Bonds in a subsequent public offering, but
					 may be allow to subsequently transfer the Bonds in a limited offering to
					 another permitted transferee provided the transferee agrees to the same
					 representations.
"U.S. Treasury Designated Recovery Zone Bond Allocation"
					 means Allocation received directly from the federal government pursuant to the
					 American Recovery and Reinvestment Act of 2009.
"Undesignated Reserve Pool" (Pool) means a reserve of the
					 State Ceiling established by the Committee for which there is no demand at the
					 time the Pool is established.
"Verification of Zoning and Local Approvals" means the
					 document by which the appropriate local government planning official having
					 jurisdiction over the Qualified Residential Rental Project certifies at least
					 the following: the Project's name, address, parcel number, housing type, the
					 Project's compliance with all applicable local land use and zoning ordinances,
					 a description of the Project's current zoning, maximum per unit density allowed
					 for the Project's site, and whether the Project has obtained all local and
					 state land use related approvals.
"Veterans Home Loan Program" means a single family housing
					 program administered by the California Department of Veterans Affairs,
					 satisfying the requirements of
					 26 U.S.C. section
					 143, and that is restricted to California
					 veterans of military service.
"Welfare-to-Work Plan" means a plan as described by
					 sections 10531, et seq. of the California
					 Welfare and Institutions Code.
"WELL" means a Building Standard, which is a
					 performance-based system for measuring, certifying and monitoring features of
					 the built environment that impacts human health and wellbeing through air,
					 water, nourishment, light, fitness, comfort and mind. WELL is managed and
					 administered by the International WELL Building Institute.
1. New
					 division 9.5 (chapters 1-9, sections
					 5000-5550), chapter 1 (articles
					 1-12, sections
					 5000-5155), article 1 (section
					 5000) and 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 division 9.5 (chapters
					 1-9, sections
					 5000-5550), chapter 1 (articles
					 1-12, sections
					 5000-5155), article 1 (section
					 5000) and 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 division 9.5 (chapters
					 1-9, sections
					 5000-5550), chapter 1 (articles
					 1-12, sections
					 5000-5155), article 1 (section
					 5000) and 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. Editorial correction of
					 definition of "Qualified Recovery Zone Bond Issuer" (Register 2011, No.
					 26).
5. Certificate of Compliance as to 4-1-2011 order, including
					 new section heading and amendment of section and NOTE, transmitted to OAL
					 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).
6. New
					 definition of "Annual Applicant Public Benefits and Ongoing Compliance
					 Self-Certification" and amendment of definitions of "Report of Action Taken for
					 Bonds (Carryforward)" and "Report of Action Taken for MCCs" filed 12-9-2011 as
					 an emergency; operative 12-9-2011 (Register 2011, No. 49). A Certificate of
					 Compliance must be transmitted to OAL by 6-6-2012 or emergency language will be
					 repealed by operation of law on the following day.
7. Amendment of
					 definition of "Performance Deposit Certification" filed 2-3-2012 as an
					 emergency; operative 2-3-2012 (Register 2012, No. 5). A Certificate of
					 Compliance must be transmitted to OAL by 8-1-2012 or emergency language will be
					 repealed by operation of law on the following day.
8. Amendment of
					 definitions of "Annual Applicant Public Benefits and Ongoing Compliance
					 Self-Certification," "Distressed Community" and "Special Designation Area" and
					 repealer of definition of "Redevelopment Project Area" filed 4-4-2012 as an
					 emergency; operative 4-4-2012 (Register 2012, No. 14). A Certificate of
					 Compliance must be transmitted to OAL by 10-1-2012 or emergency language will
					 be repealed by operation of law on the following day.
9. New
					 definition of "Annual Applicant Public Benefits and Ongoing Compliance
					 Self-Certification" and amendment of definitions of "Report of Action Taken for
					 Bonds (Carryforward)" and "Report of Action Taken for MCCs" refiled 6-1-2012 as
					 an emergency; operative 6-1-2012 (Register 2012, No. 22). A Certificate of
					 Compliance must be transmitted to OAL by 8-30-2012 or emergency language will
					 be repealed by operation of law on the following day.
10. Amendment
					 of definition of "Performance Deposit Certification" refiled 8-1-2012 as an
					 emergency; operative 8-1-2012 (Register 2012, No. 31). A Certificate of
					 Compliance must be transmitted to OAL by 10-30-2012 or emergency language will
					 be repealed by operation of law on the following day.
11. New
					 definition of "Annual Applicant Public Benefits and Ongoing Compliance
					 Self-Certification" and amendment of definitions of "Report of Action Taken for
					 Bonds (Carryforward)" and "Report of Action Taken for MCCs" refiled 8-29-2012
					 as an emergency; operative 8-29-2012 (Register 2012, No. 35). A Certificate of
					 Compliance must be transmitted to OAL by 11-27-2012 or emergency language will
					 be repealed by operation of law on the following day.
12.
					 Certificate of Compliance as to 4-4-2012 order transmitted to OAL 9-6-2012 and
					 filed 9-27-2012 (Register 2012, No. 39).
13. Amendment of definition
					 of "Performance Deposit Certification" refiled 10-30-2012 as an emergency;
					 operative 10-30-2012 (Register 2012, No. 44). A Certificate of Compliance must
					 be transmitted to OAL by 1-28-2013 or emergency language will be repealed by
					 operation of law on the following day.
14. Certificate of Compliance
					 as to 8-29-2012 order, including amendment of definitions of "Report of Action
					 Taken for Bonds" and "Report of Action Taken for MCCs," transmitted to OAL
					 11-26-2012 and filed 1-8-2013 (Register 2013, No. 2).
15.
					 Certificate of Compliance as to 10-30-2012 order transmitted to OAL 1-28-2013
					 and filed 3-12-2013 (Register 2013, No. 11).
16. Amendment of
					 definition of "Annual Applicant Public Benefits and Ongoing Compliance
					 Self-Certification" filed 12-23-2013; operative 12-23-2013 pursuant to
					 Government Code section
					 11343.4(b)(3)
					 (Register 2013, No. 52).
17. Amendment of definitions of "Annual
					 Applicant Public Benefits and Ongoing Compliance Self-Certification (5-21-14)"
					 and "Distressed Community" and repealer of definition of "Special Designation
					 Area" filed 7-10-2014 as an emergency; operative 7-10-2014 (Register 2014, No.
					 28). A Certificate of Compliance must be transmitted to OAL by 1-6-2015 or
					 emergency language will be repealed by operation of law on the following
					 day.
18. Certificate of Compliance as to 7-10-2014 order, including
					 amendment of definitions of "Certification of Compliance (5-21-14)," "Report of
					 Action Taken for Bonds" and "Report of Action Taken for Bonds (Carryforward),"
					 transmitted to OAL 11-26-2014 and filed 1-13-2015; amendments effective
					 1-13-2015 pursuant to Government Code section
					 11343.4(b)(3)
					 (Register 2015, No. 3).
19. Amendment of definitions of "Annual
					 Applicant Public Benefits and Ongoing Compliance Self-Certification,"
					 "Applicant," "Certification of Compliance" and "TEFRA Resolution" and amendment
					 of NOTE filed 2-4-2016 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 2-4-2016 (Register 2016, No. 6). A Certificate of Compliance must be
					 transmitted to OAL by 8-2-2016 or emergency language will be repealed by
					 operation of law on the following day.
20. Certificate of Compliance
					 as to 2-4-2016 order transmitted to OAL 5-4-2016 and filed 6-14-2016 (Register
					 2016, No. 25).
21. Amendment of definition of "Annual Applicant
					 Public Benefits and Ongoing Compliance Self-Certification," amendment of
					 definition of "Certification of Compliance," to "Certification of Compliance
					 I," amendment of definitions of "Competitive Application Process," "Qualified
					 Residential Rental Project," "Report of Action Taken for Bond and TEFRA
					 Resolution," new definitions of "Bond Issuance and Post Issuance Compliance
					 Policies," "Cash Flow Permanent Bond," "Certificate of Completion for
					 Non-Qualified Residential Rental Project," "Certificate of Completion for
					 Qualified Residential Rental Project," "Certification of Compliance II for
					 Non-Qualified Residential Rental Project," "Certification of Compliance II for
					 Qualified Residential Rental Projects," "Federally Bond-Restricted Unit,"
					 "Regulatory Period and/or Compliance Period," "Standard Permanent Bond,"
					 "Designated Reserve Pool" and "WELL and repealer of definitions of "CIDFAC,"
					 "CIEDB" and "Report of Action Taken for Bonds" 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.
22. Editorial correction of
					 definition of "Recovery Zone Bond (RZB)" (Register 2017, No.
					 22).
23. Refiling of 12-15-2016 action on 5-30-2017 as an emergency,
					 including minor amendments, 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.
24. 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).
25. Amendment of definitions of "Annual
					 Applicant Public Benefits and Ongoing Compliance Self-Certification," "Bond
					 Regulatory Agreement" and "State Ceiling" and new definitions of "CSFA" and
					 "Qualified Public Educational Facility Bond Pool" filed 10-9-2017 as an
					 emergency; operative 10-9-2017 (Register 2017, No. 41). A Certificate of
					 Compliance must be transmitted to OAL by 4-9-2018 or emergency language will be
					 repealed by operation of law on the following day.
26. Amendment
					 filed 10-13-2017; operative 10-13-2017 pursuant to Government Code section
					 11343.4(b)(3)
					 (Register 2017, No. 41).
27. Amendment of former definition of
					 "Placement Agent Statement" as new definition of "Placement Agent or
					 Underwriter Statement" filed 12-1-2017 as an emergency; operative 12-1-2017
					 (Register 2017, No. 48). A Certificate of Compliance must be transmitted to OAL
					 by 5-30-2018 or emergency language will be repealed by operation of law on the
					 following day.
28. Amendment of definitions of "Annual Applicant
					 Public Benefits and Ongoing Compliance Self-Certification," "Bond Regulatory
					 Agreement" and "State Ceiling" and new definitions of "CSFA" and "Qualified
					 Public Educational Facility Bond Pool" refiled 4-9-2018 as an emergency;
					 operative 4-9-2018 (Register 2018, No. 15). A Certificate of Compliance must be
					 transmitted to OAL by 7-9-2018 or emergency language will be repealed by
					 operation of law on the following day.
29. Amendment of former
					 definition of "Placement Agent Statement" as new definition of "Placement
					 Agency or Underwriter Statement" refiled 5-25-2018 as an emergency; operative
					 5-31-2018 (Register 2018, No. 21). A Certificate of Compliance must be
					 transmitted to OAL by 8-29-2018 or emergency language will be repealed by
					 operation of law on the following day.
30. Amendment of definitions
					 of "Annual Applicant Public Benefits and Ongoing Compliance
					 Self-Certification," "Bond Regulatory Agreement" and "State Ceiling" and new
					 definitions of "CSFA" and "Qualified Public Educational Facility Bond Pool"
					 refiled 7-2-2018 as an emergency; operative 7-2-2018 (Register 2018, No. 27). A
					 Certificate of Compliance must be transmitted to OAL by 10-1-2018 or emergency
					 language will be repealed by operation of law on the following
					 day.
31. Certificate of Compliance as to 5-25-2018 and 7-2-2018
					 orders, including amendment of definition of "Certification of Compliance II
					 for Non-Qualified Residential Rental Projects," transmitted to OAL 8-9-2018 and
					 filed 9-21-2018; amendments effective 9-21-2018 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2018, No. 38).
32. Change without regulatory effect
					 repealing definitions of "CIDFAC," "Eligible QEBC Reallocation Applicant,"
					 "Eligible QEBC Reallocation Issuer," "Qualified Energy Conservation Bond,"
					 "Qualified Energy Conservation Bond Reallocation Pool" and "Small Business
					 Program" and amending definitions of "Deemed Waived," "Job Creation," "Plan of
					 Issuance," "Report of Action Taken for Bonds," "Report of Action Taken for
					 RZBs" and "Taxable Debt" filed 1-16-2019 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2019, No. 3).
33. Amendment of definition of
					 "Mixed-Income Project" filed 11-4-2019 as an emergency; operative 11-4-2019
					 (Register 2019, No. 45). A Certificate of Compliance must be transmitted to OAL
					 by 5-4-2020 or emergency language will be repealed by operation of law on the
					 following day.
34. Amendment of definition of "Competitive
					 Application Process" filed 2-19-2020 as an emergency; operative 2-19-2020
					 (Register 2020, No. 8). A Certificate of Compliance must be transmitted to OAL
					 by 8-17-2020 or emergency language will be repealed by operation of law on the
					 following day.
35. Amendment of definition of "Restricted Rental
					 Units" filed 5-22-2020 as an emergency pursuant to Government Code section
					 8869.94;
					 operative 5-22-2020 (Register 2020, No. 21). A Certificate of Compliance must
					 be transmitted to OAL by 11-18-2020 or emergency language will be repealed by
					 operation of law on the following day.
36. Emergency filed 5-22-2020
					 extended 60 days pursuant to Executive Order N-40-20 and an additional 60 days
					 pursuant to Executive Order N-71-20 (Register 2020, No. 21). A Certificate of
					 Compliance must be transmitted to OAL by 3-22-2021 or emergency language will
					 be repealed by operation of law on the following day.
37. Amendment
					 of definition of "Mixed-Income Project" refiled 5-26-2020 as an emergency;
					 operative 7-6-2020 (Register 2020, No. 22). A Certificate of Compliance must be
					 transmitted to OAL by 10-5-2020 or emergency language will be repealed by
					 operation of law on the following day.
38. Emergency filed 5-26-2020
					 extended 60 days (Executive Order N-40-20) (Register 2020, No. 22). A
					 Certificate of Compliance must be transmitted to OAL by 12-5-2020 or emergency
					 language will be repealed by operation of law on the following
					 day.
39. Amendment of definition of "Mixed Income Project" filed
					 6-9-2020 as an emergency; operative 6-9-2020 (Register 2020, No. 24). Emergency
					 expiration extended 60 days (Executive Order N-40-20) plus an additional 60
					 days (Executive Order N-71-20). A Certificate of Compliance must be transmitted
					 to OAL by 2-5-2021 or emergency language will be repealed by operation of law
					 on the following day.
40. Emergency filed 2-19-2020 extended 60 days
					 pursuant to Executive Order N-40-20 and an additional 60 days pursuant to
					 Executive Order N-71-20 (Register 2020, No. 35). A Certificate of Compliance
					 must be transmitted to OAL by 12-15-2020 or emergency language will be repealed
					 by operation of law on the following day.
41. Editorial correction
					 of HISTORY 35 and HISTORY 36 (Register 2020, No. 44).
42. Amendment
					 of definition of "Competitive Application Process" refiled 12-14-2020 as an
					 emergency; operative 12-14-2020. Emergency expiration extended 60 days
					 (Executive Order N-40-20) plus an additional 60 days (Executive Order N-71-20)
					 (Register 2020, No. 51). A Certificate of Compliance must be transmitted to OAL
					 by 7-13-2021 or emergency language will be repealed by operation of law on the
					 following day.
43. Amendment deleting definitions of "Deemed
					 Waived," "Mixed Income Project Pool," "Net Proceeds," "Plan of Issuance" and
					 "Qualified Business" and amending definitions of "Distressed Community," "Mixed
					 Income Project" and "Rural Project" filed 2-1-2021 as an emergency pursuant to
					 Governmental Code section
					 8869.94; operative 2-1-2021.
					 Emergency expiration extended 60 days (Executive Order N-40-20) plus an
					 additional 60 days (Executive Order N-71-20) (Register 2021, No. 6). A
					 Certificate of Compliance must be transmitted to OAL by 11-30-2021 or emergency
					 language will be repealed by operation of law on the following
					 day.
44. Reinstatement of section as it existed prior to 6-9-2020
					 emergency amendment by operation of Government Code section
					 11346.1(f)
					 (Register 2021, No. 15).
45. Refiling of 6-9-2020 order on 4-5-2021
					 as an emergency, with inclusion of amendments from 2-1-2021 order; operative
					 4-5-2021. Emergency expiration extended 60 days (Executive Order N-40-20) plus
					 an additional 60 days (Executive Order N-71-20) (Register 2021, No. 15). A
					 Certificate of Compliance must be transmitted to OAL by 11-8-2021 or emergency
					 language will be repealed by operation of law on the following
					 day.
46. Repealer of 5-22-2020 emergency amendments by operation of
					 Government Code section
					 11346.1(f)
					 (Register 2021, No. 17).
47. Amendment of definitions of "Bond
					 Regulatory Agreement" and "State Ceiling" and repealer of definition of
					 "Qualified Public Educational Facility Bond Pool" filed 5-10-2021 as an
					 emergency; operative 5-10-2021 (Register 2021, No. 20). Emergency expiration
					 extended 60 calendar days pursuant to Executive Order N-40-20 plus an
					 additional 60 calendar days pursuant to Executive Order N-71-20. A Certificate
					 of Compliance must be transmitted to OAL by 3-8-2022 or emergency language will
					 be repealed by operation of law on the following day.
48. Amendment
					 of definition of "Competitive Application Process" refiled 7-6-2021 as an
					 emergency; operative 7-14-2021 (Register 2021, No. 28). A Certificate of
					 Compliance must be transmitted to OAL by 10-12-2021 or emergency language will
					 be repealed by operation of law on the following day.
49. Amendment
					 of definition of "Competitive Application Process" refiled 10-7-2021 as an
					 emergency; operative 10-13-2021 (Register 2021, No. 41). A Certificate of
					 Compliance must be transmitted to OAL by 1-11-2022 or emergency language will
					 be repealed by operation of law on the following day.
50. Refiling
					 of 5-22-2020, 2-1-2021 and 4-5-2021 orders, including amendment of definitions
					 of "Mixed Income Project" and "Restricted Rental Units," on 12-3-2021 as an
					 emergency; operative 12-3-2021 (Register 2021, No. 49). A Certificate of
					 Compliance must be transmitted to OAL by 3-3-2022 or emergency language will be
					 repealed by operation of law on the following day.
51. Certificate
					 of Compliance as to 5-10-2021, 10-7-2021, and 12-3-2021 orders, including
					 further amendment of definition of "Mixed Income Project," transmitted to OAL
					 4-11-2022 and filed 5-23-2022; amendments operative 5-23-2022 pursuant to
					 Government Code section
					 11343.4(b)(3)
					 (Register 2022, No. 21).
52. Amendment of definition of "Competitive
					 Application Process" and new definition of "Supplemental Allocation Pool" filed
					 8-1-2022 as an emergency; operative 8-1-2022 (Register 2022, No. 31). A
					 Certificate of Compliance must be transmitted to OAL by 1-30-2023 or emergency
					 language will be repealed by operation of law on the following
					 day.
53. Amendment of definition of "Competitive Application
					 Process" and new definition of "Supplemental Allocation Pool" refiled 2-9-2023
					 as an emergency; operative 2-9-2023 (Register 2023, No. 6). A Certificate of
					 Compliance must be transmitted to OAL by 5-10-2023 or emergency language will
					 be repealed by operation of law on the following day.
54.
					 Certificate of Compliance as to 2-9-2023 order, including further amendment of
					 definition of "Competitive Application Process," transmitted to OAL 4-18-2023
					 and filed 5-31-2023; amendments effective 5-31-2023 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2023, No. 22).
Note: Authority cited: Section
						8869.94,
						Government Code. Reference: Section
						8869.84(c),
						Government Code.