Utah Code 35A-8-2105. Allocation of volume cap
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(1)
Terms Used In Utah Code 35A-8-2105
- Accessible housing: means housing which has been constructed or modified to be accessible, as described in the State Construction Code or an approved code under Title 15A, State Construction and Fire Codes Act. See Utah Code 35A-8-101
- Allotment accounts: means the various accounts created in Section 35A-8-2106. See Utah Code 35A-8-2102
- Board of review: means the Private Activity Bond Review Board created in Section 35A-8-2103. See Utah Code 35A-8-2102
- Bond: means any obligation for which an allocation of volume cap is required by the code. See Utah Code 35A-8-2102
- Code: means the Internal Revenue Code of 1986, as amended, and any related Internal Revenue Service regulations. See Utah Code 35A-8-2102
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- State: means the state of Utah and any of its agencies, institutions, and divisions authorized to issue bonds or certificates under state law. See Utah Code 35A-8-2102
- Volume cap: means the private activity bond volume cap for the state as computed under Section 146 of the code. See Utah Code 35A-8-2102
- Year: means each calendar year. See Utah Code 35A-8-2102
(1)(a) Subject to Subsection (1)(b), the volume cap for each year shall be distributed by the board of review to the allotment accounts as described in Section 35A-8-2106.
(1)(b) The board of review may distribute up to 50% of each increase in the volume cap for use in development that occurs in quality growth areas, depending upon the board’s analysis of the relative need for additional volume cap between development in quality growth areas and the allotment accounts under Section 35A-8-2106.
(2) To obtain an allocation of the volume cap, issuing authorities shall submit to the board of review an application containing information required by the procedures and processes of the board of review.
(3)
(3)(a) The board of review shall establish criteria for making allocations of volume cap that are consistent with the purposes of the code and this part.
(3)(b) In making an allocation of volume cap the board of review shall consider the following:
(3)(b)(i) the principal amount of the bonds proposed to be issued;
(3)(b)(ii) the nature and the location of the project or the type of program;
(3)(b)(iii) the likelihood that the bonds will be sold and the timeframe of bond issuance;
(3)(b)(iv) whether the project or program could obtain adequate financing without an allocation of volume cap;
(3)(b)(v) the degree to which an allocation of volume cap is required for the project or program to proceed or continue;
(3)(b)(vi) the social, health, economic, and educational effects of the project or program on the local community and state as a whole;
(3)(b)(vii) the anticipated economic development created or retained within the local community and the state as a whole;
(3)(b)(viii) the anticipated number of jobs, both temporary and permanent, created or retained within the local community and the state as a whole; and
(3)(b)(ix) if the project is a residential rental project, the degree to which the residential rental project:
(3)(b)(ix)(A) targets lower income populations; and
(3)(b)(ix)(B) is accessible housing.
(4) The board of review shall provide evidence of an allocation of volume cap by issuing a certificate in accordance with Section 35A-8-2107.
(5)
(5)(a) Subject to Subsection (5)(c), from January 1 to June 30 of each year, the board of review shall set aside at least 50% of the Small Issue Bond Account that may only be allocated to manufacturing projects.
(5)(b) Subject to Subsection (5)(c), from July 1 to August 15 of each year, the board of review shall set aside at least 50% of the Pool Account that may only be allocated to manufacturing projects.
(5)(c) The board of review is not required to set aside any unused volume cap under Subsection 35A-8-2106(2)(c) to satisfy the requirements of Subsection (5)(a) or (b).