Arizona Laws 35-905. Restrictions on confirmations; definition
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A. Before August 31, a confirmation shall not be allocated to a project in an amount greater than $35,000,000, except that this subsection does not apply to any project that is eligible to receive an allocation pursuant to section 35-902, subsection B, C or D. For the purposes of this section, the amount of allocation to a project shall also include any other state ceiling allocation received by any related person to the project.
Terms Used In Arizona Laws 35-905
- Code: means the United States internal revenue code of 1986, as amended, and its applicable regulations. See Arizona Laws 35-901
- Confirmation: means the allocation confirmation that confirms an allocation to a project in the form adopted for use by the authority. See Arizona Laws 35-901
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Project: means a qualified mortgage credit certificate program or any construction, acquisition, planned expenditure or other activity, including all phases of a multiphased project that requests allocations in the same year and including costs of issuance, capitalized interest and discounts, financed with bonds and located in this state or directly benefiting residents of this state. See Arizona Laws 35-901
- State ceiling: means the dollar limit of the aggregate amount of private activity bonds that may be issued in this state pursuant to section 146 of the code for each calendar year, beginning in 1988. See Arizona Laws 35-901
B. For the purposes of this section, "related person" has the same meaning as provided in section 147(a)(2) of the code, except that all references to fifty percent shall be changed to twenty-five percent.