94- 457 C.M.R. ch. 203, § 7

Current through 2024-44, October 30, 2024

Section 457-203-7 - Notice of Issue and Allocation

A. Within 5 business days after the date of closing of any issue of private activity bonds, the issuer shall cause the Authority to receive the following:

i. A copy of Form 8038 completed and signed on behalf of the issuer,

ii. Certification of bond counsel to the issuer of the date on which the bonds were closed, issued and delivered and bond proceeds were paid over by the bond purchasers, and

iii. Certification of bond counsel to the issuer that the bonds are exempt from Federal income tax conditioned upon receipt of an allocation of the State ceiling.

B. With respect to any small issue project for which the Authority has issued a reservation pursuant to section 6-A which is in effect on the date of receipt by the Authority of documents required pursuant to subsection A, or with respect to any small issue project regardless of whether it has a reservation if the Authority has elected to proceed under subsection H of section 6-A, the Authority will, by written notice, allocate to the issuer an amount of the State ceiling equal to the lesser of

(i) the amount of such bond issue or

(ii) the amount set forth in such reservation or, if no reservation, the remaining amount of the available State ceiling unallocated and unreserved for other projects or categories of projects.

C. With respect to any solid waste energy project for which the Authority has issued a reservation pursuant to section 6 which is in effect on the date of the request for allocation, the Authority will, upon receipt of the items specified in subsection A, award by written notice an allocation equal to the lesser of (i) the amount of the reservation, or (ii) the amount of the bond issue. With respect to solid waste energy projects for which a reservation is not in effect, the Authority shall award an allocation equal to the lesser of the amount requested or the amount of the State ceiling, remaining unallocated and unreserved; provided that in the event the Authority determines that the sum of the allocations expected to be requested for solid waste energy projects in any calendar year exceeds the allocation of State ceiling anticipated to be available for such projects in that calendar year, the Authority may, in the exercise of its discretion, award one or more partial allocations which shall be initially awarded based on the minimum amount necessary for the project or projects receiving partial allocations to commence implementation without substantial financial prejudice, as reasonably determined by the Authority or on such other equitable basis as the Authority may deem necessary or desirable. Supplemental allocations may be awarded upon receipt of evidence demonstrating compelling need for the allocation to the Authority's satisfaction, or on such other equitable basis as the Authority may deem necessary or desirable. Such supplemental allocations shall have priority over initial allocations where the Authority is satisfied that the need is compelling.

D. [Deleted].

94- 457 C.M.R. ch. 203, § 7