A. Any portions of the state ceiling, including any portions of the state ceiling subject to a confirmation for which bonds have not been issued or for which a qualified mortgage credit certificate program has not been established by 5:00 p.m. on March 31, other than confirmations extended pursuant to section 35-910 and the state ceiling allocated to the discretion of the director pursuant to section 35-902, subsection B, shall be pooled and are subject to allocation among requests on a first come, first served basis.

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Terms Used In Arizona Laws 35-906

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Authority: means the Arizona finance authority established by Title 41, Chapter 53, Article 2. See Arizona Laws 35-901
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bond: means any obligation that is subject to the provisions of section 146 of the code, excluding obligations that received a carry-forward allocation in a prior year. See Arizona Laws 35-901
  • Business day: means between the hours of 8:00 a. See Arizona Laws 35-901
  • Certificate of closing: means the certificate of closing adopted for use by and to be filed with the authority declaring that bonds were issued or that a qualified mortgage credit certificate program has been established. 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Director: means the director of the authority. See Arizona Laws 35-901
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Issued: means , with respect to a bond or bonds, either of the following:

    (a) The bond or bonds have been delivered and paid for in full. See Arizona Laws 35-901

  • Issuer: means an entity or person issuing bonds. See Arizona Laws 35-901
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage credit certificate: means a certificate as described in section 25(c)(1) of the code. See Arizona Laws 35-901
  • 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
  • Qualified mortgage credit certificate program: means a qualified mortgage credit certificate program as described in section 25(c)(2) of the code. See Arizona Laws 35-901
  • Request: means the request for allocation to be filed with the authority in the form adopted for use by the authority. See Arizona Laws 35-901
  • Security deposit: means cash, a bank cashier's check, a surety bond, a letter of credit or any other form of security approved by the director in favor of the authority that is received by the authority from an issuer or user to secure or extend an allocation. 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
  • Year: means the calendar year. See Arizona Laws 35-901

B. Obtaining and issuing confirmations on or after April 1 through 5:00 p.m. December 16 shall occur as provided in section 35-904, subject to the following restrictions and changes:

1. Requests may be filed on or after April 1 of each year.

2. A confirmation issued on or after April 1 through 5:00 p.m. December 16 expires and no issuer is deemed to have been allocated any portion of the state ceiling unless the issuer’s bonds have been issued or a qualified mortgage credit certificate program has been established and a certificate of closing has been actually filed, and not merely postmarked, with the authority no later than ninety days after the date of the confirmation or the first business day after the ninetieth day if the ninetieth day is not a business day, or before 5:00 p.m. December 16, whichever occurs first. The confirmation may be extended as provided in section 35-910.

3. Before the director issues the confirmation, the authority must receive a security deposit in the amount of one percent of the principal amount stated in the request. The security deposit is forfeited to the authority if the bonds are not issued before the expiration of the confirmation or any extension. The security deposit shall not be required pursuant to this paragraph if the direct beneficiary of the bond proceeds is this state or a county, city, town or nonprofit entity, the issuer is a student loan corporation or the project will include urban development action grant or housing development grant financing, is a qualified mortgage revenue bond or is a qualified mortgage credit certificate program.

 

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