Iowa Admin. Code r. 265-8.3

Current through Register Vol. 47, No. 5, September 4, 2024

Rule 265-8.3 - Applications for current allocation received prior to the calendar year for such allocation

(1) Applications for any given calendar year may be submitted to the Iowa finance authority offices during the month of December of the preceding year with a request that the application be treated as received when the Iowa finance authority opens for business on the first business day of the calendar year for which the application is made. Applications submitted in this manner must be clearly marked on the first page of such application with words such as: "This application for private activity bond allocation for year 2018 is to be held for constructive delivery and receipt by the Iowa finance authority upon the opening of business on the first business day of calendar year 2018." There may be only one application for each separate project. All applications so received with the application fee and any required documentation attached will be deemed received simultaneously by the Iowa finance authority on the first business day of the calendar year for which application is made. Expired applications made in previous years may be resubmitted to the authority pursuant to this procedure.

(2) If the total amount of allocations requested in all of the complete applications received pursuant to subrule 8.3(1) that seek (a) allocations for first-time farmers pursuant to Iowa Code section 7C.4A(4), (b) allocations for industries pursuant to Iowa Code section 7C.4A(5), or (c) allocations of private activity bonds issued by political subdivisions pursuant to Iowa Code section 7C.4A(6) exceed the amount of state ceiling available for the respective purpose, the applications for each applicable purpose will be considered for allocation in the order determined pursuant to the procedures set forth in subrule 8.3(3).

(3) In order to determine the order of allocation of the state ceiling to each of the applications for first-time farmer purposes, for industrial purposes or for political subdivisions that are simultaneously received pursuant to subrule 8.3(1), each application for the applicable purpose shall be assigned a preference number determined by a random drawing for allocation for such purpose conducted at approximately 10 a.m. on the first day of business of the calendar year at the Iowa finance authority offices. Any person desiring to attend and witness the drawing and assigning of preference numbers may do so. Each application for a specified purpose shall be assigned an identification code that shall be written on the first page of the application. The identification codes for applications for a specified purpose shall be written on strips of paper and placed in individual envelopes and sealed. The sealed envelopes containing identification codes for each application for the specified purpose shall be placed in separate containers, mixed, and drawn from the applicable 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 allocation of the state ceiling for such purpose. The application corresponding with the identification code that is selected second shall be placed second on the applicable list, and so forth. Drawings shall continue until all applications for each specified purpose are assigned a place on the list of applications for such purpose received.

This rule is intended to implement Iowa Code sections 7C.4A(7)"a" and 7C.5.

Iowa Admin. Code r. 265-8.3

Amended by IAB January 2, 2019/Volume XLI, Number 14, effective 2/6/2019