Section 2106 – Allotment accounts.
Effective 6/1/2022 35A-8-2106. Allotment accounts. (1) There are created the following allotment accounts: (a) the Single Family Housing Account, for which eligible issuing authorities are those authorized under the code and state statute to issue qualified mortgage bonds under Section 143 of the code; (b) the Student Loan Account, for which eligible issuing authorities are […]
Section 2107 – Certificates of allocation.
Effective 7/1/2018 35A-8-2107. Certificates of allocation. (1) (a) After an allocation of volume cap for a project or program is approved by the board of review, the board of review shall issue a numbered certificate of allocation stating the amount of the allocation, the allotment account for which the allocation is being made, and the […]
Section 2108 – Issuing authorities — Limitations — Duties.
Effective 7/1/2018 35A-8-2108. Issuing authorities — Limitations — Duties. (1) (a) Notwithstanding any law to the contrary, an issuing authority issuing bonds without a certificate of allocation issued under Section 35A-8-2107, or an issuing authority issuing bonds after the expiration of a certificate of allocation, is not entitled to an allocation of the volume cap […]
Section 2109 – Procedures — Adjudicative proceedings.
Effective 7/1/2018 35A-8-2109. Procedures — Adjudicative proceedings. The board of review shall comply with the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act, in the board of review’s adjudicative proceedings. Renumbered and Amended by Chapter 182, 2018 General Session
Section 2110 – Duties of the department.
Effective 7/1/2018 35A-8-2110. Duties of the department. (1) The department is recognized as an issuing authority as defined in Section 35A-8-2102, entitled to issue bonds from the Small Issue Bond Account created in Subsection 35A-8-2106(1)(c) as a part of the state’s private activity bond volume cap authorized by the Internal Revenue Code and computed under […]
Section 2101 – Title — Purpose.
Effective 7/1/2018 35A-8-2101. Title — Purpose. (1) This part is known as “Private Activity Bonds.” (2) This part establishes procedures to effectively and equitably allocate this state’s private activity bond volume cap authorized by the Internal Revenue Code of 1986 in order to maximize the social and economic benefits to this state. Renumbered and Amended […]
Section 2102 – Definitions.
Effective 7/1/2018 35A-8-2102. Definitions. As used in this part: (1) “Allocated volume cap” means a volume cap for which: (a) a certificate of allocation is in effect; or (b) bonds have been issued. (2) “Allotment accounts” means the various accounts created in Section 35A-8-2106. (3) “Board of review” means the Private Activity Bond Review Board […]
Section 2103 – Private Activity Bond Review Board.
Effective 1/1/2021 35A-8-2103. Private Activity Bond Review Board. (1) There is created within the department the Private Activity Bond Review Board, composed of the following 11 members: (a) (i) the executive director of the department or the executive director’s designee; (ii) the executive director of the Governor’s Office of Economic Opportunity or the executive director’s […]
Section 2104 – Powers, functions, and duties of the board of review.
Effective 7/1/2018 35A-8-2104. Powers, functions, and duties of the board of review. The board of review shall: (1) make, subject to the limitations of the code, allocations of volume cap to issuing authorities; (2) determine the amount of volume cap to be allocated with respect to approved applications; (3) maintain a record of all applications […]
Section 2105 – Allocation of volume cap.
Effective 7/1/2022 35A-8-2105. Allocation of volume cap. (1) (a) Subject to Subsection (1)(b), the volume cap for each year shall be distributed by the board of review to the allotment accounts as described in Section 35A-8-2106. (b) The board of review may distribute up to 50% of each increase in the volume cap for use […]