Download Zipped Amended WP 6.1 HB0056.ZIP 8,880 Bytes
[Introduced][Status][Bill Documents][Fiscal Note][Bills Directory]
5 AN ACT RELATING TO COMMUNITY AND ECONOMIC DEVELOPMENT; MODIFYING
6 ALLOCATION PROCESS OF BONDING VOLUME CAP; AND MAKING TECHNICAL
8 This act affects sections of Utah Code Annotated 1953 as follows:
10 9-4-504, as enacted by Chapter 287, Laws of Utah 1992
11 9-4-505, as enacted by Chapter 287, Laws of Utah 1992
12 9-4-506, as last amended by Chapter 316, Laws of Utah 1996
13 Be it enacted by the Legislature of the state of Utah:
14 Section 1. Section 9-4-504 is amended to read:
15 9-4-504. Powers, functions, and duties of board of review.
16 The board of review shall:
17 (1) make, subject to the limitations of the code, allocations of volume cap to issuing
19 (2) determine the amount of volume cap to be allocated with respect to approved
21 (3) maintain a record of all applications filed by issuing authorities under Section 9-4-505
22 and all certificates of allocation issued under Section [
23 (4) maintain a record of all bonds issued by issuing authorities during each year;
24 (5) determine the amount of volume cap to be treated as a carryforward under Section
25 146(f) of the code and allocate this carryforward to one or more qualified carryforward purposes;
26 (6) make available upon reasonable request a certified copy of all or any part of the records
27 maintained by the board of review under this part or a summary of them including information
1 relating to the volume cap for each year and any amounts available for allocation under this part;
2 (7) promulgate rules for the allocation of volume cap under this part; and
3 (8) charge reasonable fees for the performance of duties prescribed by this part, including
4 application, filing, and processing fees.
5 Section 2. Section 9-4-505 is amended to read:
6 9-4-505. Allocation of volume cap.
7 (1) The volume cap for each year shall be distributed by the board of review to the various
8 allotment accounts as set forth in Section 9-4-506.
9 (2) [
10 to the board of review an application containing information required by the procedures and
11 processes [
12 (3) The board of review shall establish criteria for making allocations of volume cap that
13 are consistent with the purposes of the code and this part. In making an allocation of volume cap
14 the board of review shall consider the following:
15 (a) the principal amount of the bonds proposed to be issued;
16 (b) the nature and the location of the project or the type of program;
17 (c) the likelihood that the bonds will be sold and the timeframe of bond issuance;
18 (d) whether the project or program could obtain adequate financing without an allocation
19 of volume cap;
21 program to proceed or continue;
23 the local community and state as a whole; [
25 within the local community and the state as a whole[
26 (h) if the project is a residential rental project, the degree to which the residential rental
27 project targets lower income populations.
28 (4) The board of review shall evidence an allocation of volume cap by issuing a certificate
29 in accordance with Section 9-4-507.
30 Section 3. Section 9-4-506 is amended to read:
31 9-4-506. Allotment accounts.
1 (1) There are created the following allotment accounts:
2 (a) the Single Family Housing Account, for which eligible issuing authorities are those
3 authorized under the code and state statute to issue qualified mortgage bonds under Section 143
4 of the code;
5 (b) the Student Loan Account, for which eligible issuing authorities are those authorized
6 under the code and state statute to issue qualified student loan bonds under Section 144(b) of the
8 (c) the Small Issue Bond Account, for which eligible issuing authorities are those
9 authorized under the code and state statute to issue qualified small issue bonds under Section
10 144(a) of the code or qualified exempt facility bonds for qualified residential rental projects under
11 Section 142(d) of the code;
12 (d) the Exempt Facilities Account, for which eligible issuing authorities are those
13 authorized under the code and state statute to issue bonds requiring an allocation of volume cap
14 other than for purposes described in Subsections (1)(a), (b), or (c);
15 (e) the Pool Account, for which eligible issuing authorities are those authorized under the
16 code and state statute to issue bonds requiring an allocation of volume cap; and
17 (f) the Carryforward Account, for which eligible issuing authorities are those with projects
18 or programs qualifying under Section 146(f) of the code.
19 (2) (a) The volume cap shall be distributed to the various allotment accounts on January
20 1 of each year on the following basis:
21 (i) 42% to the Single Family Housing Account;
22 (ii) 33% to the Student Loan Account;
23 (iii) 12% to the Exempt Facilities Account; and
24 (iv) 13% to the Small Issue Bond Account.
25 (b) From July 1 to September 30 of each year, the board of review may transfer any
26 unallocated volume cap from the Exempt Facilities Account or the Small Issue Bond Account to
27 the Pool Account.
28 (c) The board of review, upon written notification by the issuing authorities eligible for
29 volume cap allocation from the Single Family Housing Account or the Student Loan Account that
30 all or a portion of volume cap distributed into that allotment account will not be [
31 may transfer [
1 Student Loan Account.
2 (d) From October 1 to the third Friday of December of each year, all unallocated volume
3 cap shall be transferred into the Pool Account.
4 (e) Unallocated volume cap or allocated volume cap for which bonds have not been issued
5 prior to the third Saturday of December shall be transferred on that date into the Carryforward
7 (f) If the authority to issue bonds designated in any allotment account is rescinded by
8 amendment to the code, the board of review may transfer any unallocated volume cap from such
9 allotment account to any other allotment account.
10 S [
11 of the amount distributed to the Small Issue Bond Account under Subsection (2)(a) shall be made
12 available for allocation in accordance with this part to issuers of qualified exempt facility bonds
13 for residential rental projects under Section 142(d) of the code.