California Code of Regulations › Title 10 - Investment › Chapter 8 - California Industrial Development Financing Advisory Commission › Article 3 - Actions › Section 6060 - Receipt, Review and Determinations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The date of receipt of project
				information by the Commission shall be the date when information of the nature
				described in Section
				6050(c) of this
				Article sufficient to enable Commission determinations pursuant to Section
				91531 of the Act has been
				received.
(b) The Commission shall
				notify the applicant and the Authority in writing of the date of receipt of
				project information not later than seven (7) days after the arrival of the
				project information at the office of the Commission.
(c) The Commission shall review the project
				information as necessary to determine the compliance of the project with the
				criteria set forth in Section
				91531. The Commission may,
				however, with regard to the determination of project compliance with the
				criteria specified in paragraph (b) (3) of Section
				91531, accept certifications made
				by the Authority submitting the project information, bond counsel, purchaser,
				or such other certifications as the Commission may require for the proposed
				issuance of bonds in conjunction with the undertaking of he project.
(d) The Commission shall, on the basis of its
				review of the submitted project information, make express findings in writing
				as to its determination of the compliance of a project with the criteria set
				forth in Section
				91531.
(e) With regard to the determination,
				identified in Section
				91531(b)(3) the
				Commission may impose a condition or conditions on qualification of a proposed
				issuance of bonds if it finds that without such condition(s) the issuance will
				be unfair, unjust or inequitable to a purchaser of the bonds.
(f) Written notification of the
				determinations of the Commission shall be given to the Authority and the
				applicant which submitted the project information. The Commission may, if
				requested by the Authority submitting the project information (which request
				shall be accompanied by a written approval of the extension of the period of
				Commission jurisdiction in making the determinations required by Section
				91531), delay the provision of a
				finding regarding compliance with the criterion set forth in Section
				91531(b)(3) until
				such time as will facilitate the Authority's proposed issuance of
				bonds.
(g) Determinations of the
				Commission with regard to project compliance with criteria set forth in Section
				91531 shall be final and
				conclusive.
(h) Having made its
				Determinations, conditionally or otherwise, the Commission will not suspend or
				revoke any qualification of the bonds, once the bonds have been sold, absent
				extraordinary circumstances.
(i) In
				addition to the other requirements of the Act, the Commission in reviewing
				Applications for Financing may take into consideration such factors as:
				location of the proposed project; nature of the proposed project; time of
				receipt of request for financing; and any other factors the Commission may deem
				appropriate. Priority shall be given to projects which achieve maximum
				realization of public benefit.
Note: Authority cited: Section
					 91557,
					 Government Code. Reference: Sections
					 91501,
					 91531 and
					 91536,
					 Government Code.