Iowa Administrative Code › Agency 265 - Iowa Finance Authority › Chapter 37 - Recovery Zone Bond Allocation › Rule 265-37.7 - Allocations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The authority
			 will track the amount and type of RZ bonds issued and the amount of RZ bonding
			 authority available to be allocated.
(2) Allocations will only be made for
			 eligible projects in those counties that received an allocation of authority to
			 issue RZ bonds pursuant to IRS Notice 2009-50. While the allocations will be
			 limited to projects within those counties that originally received an
			 allocation, the amount of the allocation from the authority will not be limited
			 to the original allocated amounts under Notice 2009-50.
(3) Allocations shall be made to eligible
			 applicants on the basis of the chronological order of receipt of applications.
			 Chronological order of receipt shall be determined by the date, hour and minute
			 indicated by the time stamp as affixed to the application at the offices of the
			 authority.
(4) All applications
			 that are received by the authority on or prior to April 12, 2010, pursuant to
			 the provisions of rule
			 265-37.6
			 (16) shall be considered simultaneously received at the opening of business on
			 April 12, 2010, and the same date, hour and minute shall be stamped on each
			 application so received. If the total amount of allocations requested in all of
			 the applications received on such date exceeds the total amount determined by
			 the authority as available to be allocated, the applications will be considered
			 for allocation in the order determined pursuant to the procedures set forth in
			 subrule 37.7(5).
(5) In order to
			 determine the order of allocation to two or more applications that are
			 simultaneously received pursuant to subrule 37.7(4) and for which there is
			 insufficient capacity to allocate to each the full allotment requested, each
			 such application shall be assigned a preference number determined by a random
			 drawing to be conducted at the authority's offices within one week following
			 the receipt of the applications. The authority shall notify the affected
			 applicants in writing and shall post a notice at its offices of the time and
			 place of the drawing not less than three days prior to the scheduled drawing.
			 Any person desiring to attend and witness the drawing and assigning of
			 preference numbers may do so. Each application shall be assigned an
			 identification code that shall be written on the outside of the sealed envelope
			 containing the application. The identification codes shall also be written on
			 strips of paper and placed in individual envelopes and sealed. The sealed
			 envelopes containing identification codes shall be placed in a container,
			 mixed, and drawn from the 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 allotment.
			 The application corresponding with the identification code that is selected
			 second shall be placed second on the list, and so forth. Drawings shall
			 continue until all applications are assigned a place on the list of
			 applications received.
(6)
			 Applications received after April 12, 2010, shall be added to the appropriate
			 list (whether for RZED bonds or RZ facility bonds) depending upon the subject
			 of the application in the chronological order received.