(1) An issuing authority may request an allocation from the statewide balance by filing with the department a separate application regarding each project for which an allocation is requested, signed by an officer of the issuing authority. Each application shall be filed on a form provided by the department, which shall contain the following information and attachments:
(a) The name of the issuing authority;
(b) The mailing address of the issuing authority;
(c) The name and title of the official of the issuing authority and the name and address of the legal counsel of said authority to whom notices should be sent and from whom information may be obtained;
(d) The principal amount of the bonds proposed to be issued;
(e) The nature and the location or purpose of the project;
(f) The initial owner, user, or beneficiary of the project;
(g) A written, preliminary opinion of bond counsel, addressed to the department, that the bonds proposed to receive the allocation constitute private activity bonds as defined in section 141 of the code and stating the amount of such bonds requiring an allocation under the state ceiling and that the issuing authority is authorized under the laws and constitution of the state to issue such bonds. The written opinion required by this paragraph (g) may be based on the assumption that an allocation will be made and the opinion shall cite the authority upon which it is based.
(h) A copy of the fully executed inducement resolution of the issuing authority relating to the project that is the subject of the application, certified as a true and correct copy by an authorized officer of the issuing authority; and
(i) Any information regarding the project to be financed with the proceeds of the bonds which are the subject of the requested allocation or regarding the financing which the issuing authority may want to provide to the department or which the department may request.
(2) To the extent that an issuing authority requests an allocation from the statewide balance in respect of which it expects to make an election for a carryforward purpose, such application, in addition to the application information and attachments set forth in subsection (1) of this section, shall be accompanied by the following:
(a) The classification of the carryforward purpose under section 146 (f)(5) of the code;
(b) Any information required by section 146 (f)(2) of the code;
(c) A certification signed by both an official of the issuing authority responsible for the supervision of the issuance of the bonds and, if applicable, a representative of the person or entity constructing, acquiring, or rehabilitating the project stating that they will proceed with diligence to ensure the issuance of the bonds within the carryforward period provided by section 146 (f) of the code; and
(d) A written, preliminary opinion from bond counsel that the carryforward purpose qualifies for carryforward treatment under section 146 (f) of the code.
Source: L. 87: Entire part added, p. 994, � 1, effective May 20.
24-32-1709.5. Administrative costs of the department - private activity bond allocation fund - creation. (1) The department may charge and collect the following administrative fees for the costs associated with the administration of this part 17:
(a) The direct allocation fee. The department may charge an administrative fee for direct allocations. The executive director shall annually determine the amount of the fee. The fee charged shall only be borne by entities that use the direct allocation to issue private activity bonds or make a mortgage credit certificate election.
(b) The statewide balance application fee. No application for an allocation required by section 24-32-1707 shall be complete unless it is accompanied by an application fee. The executive director shall determine the amount of the fee.
(c) The statewide balance issuance fee. The department may charge an administrative fee to entities that receive bonding authority from the statewide balance as specified in section 24-32-1707. The executive director shall annually determine the amount of the fee based on the costs associated with the administration of this part 17.
(2) (a) The fees collected pursuant to this section shall be transmitted to the state treasurer, who shall credit the fees to the private activity bond allocations fund, which fund is hereby created in the state treasury and referred to in this subsection (2) as the fund. The moneys in the fund shall be subject to appropriation by the general assembly for the direct and indirect costs associated with the administration of this part 17. All interest and income derived from the deposit and investment of moneys in the fund shall be credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall remain in the fund and shall not be credited or transferred to the general fund or any other fund.
(b) For fiscal years prior to July 1, 2019, the fund is excluded from the limitations specified in section 24-75-402, and the fund's maximum reserve is three times the level of the prior year's spending authority from the fund. The uncommitted reserves of the fund shall not exceed the maximum reserve. If the amount of uncommitted reserves of the fund at the conclusion of any given fiscal year exceeds the maximum reserve, the executive director shall reduce the amount of one or more of the fees specified in subsection (1) of this section to an amount calculated to result in an amount of uncommitted reserves of the fund for the current fiscal year that does not exceed the maximum reserve. In calculating the reduction in fees, the executive director may take into account any increases in spending authority from the fund. If the executive director reduces the amount of a fee pursuant to this paragraph (b), the executive director may subsequently raise the amount of the fee so long as the projected amount of uncommitted reserves of the fund does not exceed the maximum reserve. The executive director shall not increase the fee beyond any limits specified in subsection (1) of this section. For fiscal years that begin on or after July 1, 2019, the fund is subject to the maximum reserve established in section 24-75-402.
(3) Repealed.
(4) Beginning on June 30, 2025, and on June 30 of each state fiscal year thereafter, the state treasurer shall transfer the unexpended and unencumbered balance of the fund that exceeds one hundred thousand dollars from the fund to the general fund.
Source: L. 2009: Entire section added, (SB 09-041), ch. 56, p. 200, � 5, effective March 25. L. 2015: (2)(b) amended, (HB 15-1261), ch. 322, p. 1313, � 5, effective June 5. L. 2020: (1)(a) amended and (3) repealed, (HB 20-1161), ch. 55, p. 190, � 3, effective September 14. L. 2025: (4) added, (SB 25-264), ch. 129, p. 501, � 16, effective April 25.
24-32-1710. Notifications and validity of allocations from the statewide balance. (1) The department shall notify the issuing authority in writing of the amount allocated or not allocated from the statewide balance to the proposed project.
(2) The notification shall:
(a) Be of such format as determined by the department and as conforms to the code;
(b) Specify the amount of bonds that the issuing authority may issue based upon an allocation from the statewide balance;
(c) Specify the commencement date and the expiration date of the statewide balance award period; and
(d) Be mailed to the issuing authority and the legal counsel specified in the application at the address specified in the application.
(3) Any allocation of the statewide balance shall be valid only until the expiration of the statewide balance award period unless the bonds are issued and delivered or a mortgage credit certificate election is made within the statewide balance award period, in which event, the allocation shall be subtracted from the statewide balance on the date of the issuance and delivery of the bonds or the date of the mortgage credit certificate election. If no bonds are issued or if no mortgage credit certificate election is made before the expiration of the statewide balance award period, the allocation from the statewide balance shall be relinquished to the statewide balance.
Source: L. 87: Entire part added, p. 995, � 1, effective May 20.