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UTAH STATUTES AND CODES
9-4-507 - Certificates of allocation.
9-4-507. Certificates of allocation.
(1) (a) After an allocation of volume cap for a project or program is approved by theboard of review a numbered certificate of allocation shall be issued stating the amount of theallocation, the allotment account for which the allocation is being made, and the expiration dateof the allocation.
(b) The certificates of allocation shall be mailed to the issuing authority within 10working days of the date of approval.
(c) No bonds are entitled to any allocation of the volume cap unless the issuing authorityreceived a certificate of allocation with respect to the bonds.
(d) Certificates of allocation shall remain in effect for a period of 90 days from the dateof approval. If bonds for which a certificate has been approved are not issued within the 90-dayperiod, the certificate of allocation is void and volume cap shall be returned to the applicableallotment account for reallocation by the board of review.
(2) (a) An issuing authority receiving an allocation of volume cap from the CarryforwardAccount shall receive a certificate of allocation similar to the certificates of allocation describedin Subsection (1) from the board of review stating the amount of allocation from theCarryforward Account that have been allocated to the issuing authority and the expiration of theallocation.
(b) If in the judgment of the board of review any issuing authority or any person or entityresponsible for a project or program receiving an allocation from the Carryforward Account doesnot proceed with diligence in providing for the issuance of the bonds with respect to the projector program, and because of the lack of such diligence the volume cap cannot be used, the boardof review may exclude from its consideration for a given period of time, determined by the boardof review, applications of these issuing authorities or persons or entities. The board of reviewmay, at any time, review and modify its decisions relating to this exclusion.
(1) (a) After an allocation of volume cap for a project or program is approved by theboard of review a numbered certificate of allocation shall be issued stating the amount of theallocation, the allotment account for which the allocation is being made, and the expiration dateof the allocation.
(b) The certificates of allocation shall be mailed to the issuing authority within 10working days of the date of approval.
(c) No bonds are entitled to any allocation of the volume cap unless the issuing authorityreceived a certificate of allocation with respect to the bonds.
(d) Certificates of allocation shall remain in effect for a period of 90 days from the dateof approval. If bonds for which a certificate has been approved are not issued within the 90-dayperiod, the certificate of allocation is void and volume cap shall be returned to the applicableallotment account for reallocation by the board of review.
(2) (a) An issuing authority receiving an allocation of volume cap from the CarryforwardAccount shall receive a certificate of allocation similar to the certificates of allocation describedin Subsection (1) from the board of review stating the amount of allocation from theCarryforward Account that have been allocated to the issuing authority and the expiration of theallocation.
(b) If in the judgment of the board of review any issuing authority or any person or entityresponsible for a project or program receiving an allocation from the Carryforward Account doesnot proceed with diligence in providing for the issuance of the bonds with respect to the projector program, and because of the lack of such diligence the volume cap cannot be used, the boardof review may exclude from its consideration for a given period of time, determined by the boardof review, applications of these issuing authorities or persons or entities. The board of reviewmay, at any time, review and modify its decisions relating to this exclusion.
Enacted by Chapter 287, 1992 General Session
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