9-4-505 - Allocation of volume cap. - Utah Statutes

9-4-505. Allocation of volume cap.
(1) (a) Subject to Subsection (1)(b), the volume cap for each year shall be distributed bythe board of review to the various allotment accounts as set forth in Section 9-4-506.
(b) The board of review may distribute up to 50% of each increase in the volume cap thatoccurs after March 11, 1999, for use in development that occurs in quality growth areas,depending upon the board's analysis of the relative need for additional volume cap betweendevelopment in quality growth areas and the allotment accounts under Section 9-4-506.
(2) To obtain an allocation of the volume cap, issuing authorities shall submit to theboard of review an application containing information required by the procedures and processesof the board of review.
(3) The board of review shall establish criteria for making allocations of volume cap thatare consistent with the purposes of the code and this part. In making an allocation of volume capthe board of review shall consider the following:
(a) the principal amount of the bonds proposed to be issued;
(b) the nature and the location of the project or the type of program;
(c) the likelihood that the bonds will be sold and the timeframe of bond issuance;
(d) whether the project or program could obtain adequate financing without an allocationof volume cap;
(e) the degree to which an allocation of volume cap is required for the project or programto proceed or continue;
(f) the social, health, economic, and educational effects of the project or program on thelocal community and state as a whole;
(g) the anticipated economic development created or retained within the local communityand the state as a whole;
(h) the anticipated number of jobs, both temporary and permanent, created or retainedwithin the local community and the state as a whole;
(i) if the project is a residential rental project, the degree to which the residential rentalproject:
(i) targets lower income populations;
(ii) is accessible housing; and
(j) whether the project meets the principles of quality growth recommended by theQuality Growth Commission created under Section 11-38-201.
(4) The board of review shall evidence an allocation of volume cap by issuing acertificate in accordance with Section 9-4-507.
(5) (a) From January 1 to June 30, the board shall set aside at least 50% of the SmallIssue Bond Account that may be allocated only to manufacturing projects.
(b) From July 1 to August 15, the board shall set aside at least 50% of the Pool Accountthat may be allocated only to manufacturing projects.

Amended by Chapter 90, 2004 General Session