Iowa Administrative Code › Agency 265 - Iowa Finance Authority › Chapter 8 - Private Activity Bond Allocation › Rule 265-8.5 - Certification of Current Allocation

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The governor's designee shall maintain
			 separate lists of applications for private activity bonds for the purpose of
			 industries, for private activity bonds for the use of political subdivisions,
			 and for allocation pursuant to Iowa Code section
			 7C.4A(7).
			 If there are additional applications after the state ceiling for the purpose of
			 industries is fully allocated and, before June 30, the state ceiling for the
			 use of political subdivisions is fully allocated to applications, all
			 applications that have not been allocated any state ceiling will be placed on
			 the list for allocation pursuant to Iowa Code section
			 7C.4A(7)
			  in the chronological order of receipt
			 without regard to the purpose for which such applications were made.
(2) The governor's designee shall promptly
			 certify to the issuer the amount of the state ceiling allocated to the bonds
			 for the purpose of the project for which the application was submitted, in the
			 order as determined by Iowa Code chapter 7C and rules
			 265-8.3 (7C) and
			 265-8.4 (7C). The governor's
			 designee shall continue to allocate the state ceiling for each purpose
			 separately (or, if the allocation is made under Iowa Code section
			 7C.4A(7),
			 in the chronological order of applications received) until all the available
			 state ceiling for that purpose is fully allocated. A project receiving an
			 allocation made under Iowa Code section
			 7C.4A(7)
			  is limited to $50 million in any calendar
			 year. If there is not sufficient available state ceiling to fully fund an
			 application which is next in order for allocation, the governor's designee
			 shall notify the applicant of the amount that is available and the applicant
			 shall have the option to take what is available within five calendar days of
			 receiving notice of availability. If the applicant does not notify the
			 governor's designee of its decision to take the available allocation within
			 five calendar days of receiving notice of that option, the available state
			 ceiling shall be offered to the next application on the list under the same
			 conditions, and the initial offeree will maintain its position on the list. If
			 the partial allocation is accepted, the applicant may submit a new application
			 for additional state ceiling and that application will be added to the bottom
			 of the applicable list in the chronological order of its receipt.
(3) If the bonds are issued and delivered
			 prior to the expiration date of the allocation, then the issuer or the issuer's
			 attorney shall within ten days following the issuance and delivery of the bonds
			 notify the governor's designee by filing the form captioned "Private Activity
			 Volume Cap Notice of Issuance and Delivery of Bonds."
(4) Upon receipt of a complete application
			 for allocation for a qualified residential rental project, the bonds for which
			 will be issued by the Iowa finance authority, the Iowa finance authority may
			 determine in its sole discretion to allocate a portion of its allocation under
			 Iowa Code section
			 7C.4A(l)
			 "o"(4) to such application. If the Iowa finance authority determines in its
			 sole discretion to make such a certification of allocation, the Iowa finance
			 authority has the sole discretion to determine the amount and order of such
			 certification of each such allocation.
This rule is intended to implement Iowa Code sections
				7C.4A
				and 7C.5.