Iowa Administrative Code › Agency 265 - Iowa Finance Authority › Chapter 8 - Private Activity Bond Allocation › Rule 265-8.3 - Applications for Current Allocation Received Prior to the Calendar Year for Such Allocation

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
			 Applications for any given calendar year may be submitted to the Iowa finance
			 authority offices during the month of December of the preceding year with a
			 request that the application be treated as received when the Iowa finance
			 authority opens for business on the first business day of the calendar year for
			 which the application is made. Applications submitted in this manner must be
			 clearly marked on the first page of such application with words such as: "This
			 application for private activity bond allocation for year 2018 is to be held
			 for constructive delivery and receipt by the Iowa finance authority upon the
			 opening of business on the first business day of calendar year 2018." There may
			 be only one application for each separate project. All applications so received
			 with the application fee and any required documentation attached will be deemed
			 received simultaneously by the Iowa finance authority on the first business day
			 of the calendar year for which application is made. Expired applications made
			 in previous years may be resubmitted to the authority pursuant to this
			 procedure.
(2) If the total amount
			 of allocations requested in all of the complete applications received pursuant
			 to subrule 8.3(1) that seek (a) allocations for first-time farmers pursuant to
			 Iowa Code section
			 7C.4A(4), (b)
			  allocations for industries pursuant to Iowa
			 Code section
			 7C.4A(5), or (c)
			  allocations of private activity bonds issued
			 by political subdivisions pursuant to Iowa Code section
			 7C.4A(6)
			  exceed the amount of state ceiling available
			 for the respective purpose, the applications for each applicable purpose will
			 be considered for allocation in the order determined pursuant to the procedures
			 set forth in subrule 8.3(3).
(3) In
			 order to determine the order of allocation of the state ceiling to each of the
			 applications for first-time farmer purposes, for industrial purposes or for
			 political subdivisions that are simultaneously received pursuant to subrule
			 8.3(1), each application for the applicable purpose shall be assigned a
			 preference number determined by a random drawing for allocation for such
			 purpose conducted at approximately 10 a.m. on the first day of business of the
			 calendar year at the Iowa finance authority offices. Any person desiring to
			 attend and witness the drawing and assigning of preference numbers may do so.
			 Each application for a specified purpose shall be assigned an identification
			 code that shall be written on the first page of the application. The
			 identification codes for applications for a specified purpose shall be written
			 on strips of paper and placed in individual envelopes and sealed. The sealed
			 envelopes containing identification codes for each application for the
			 specified purpose shall be placed in separate containers, mixed, and drawn from
			 the applicable container at random by a member of the authority's staff. The
			 application corresponding with the identification code that is drawn first
			 shall be placed first on the list of applicants to receive an allocation of the
			 state ceiling for such purpose. The application corresponding with the
			 identification code that is selected second shall be placed second on the
			 applicable list, and so forth. Drawings shall continue until all applications
			 for each specified purpose are assigned a place on the list of applications for
			 such purpose received.
This rule is intended to implement Iowa Code sections
				7C.4A(7)
"a"
and 7C.5.