STATE STATUTES & CODES
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UTAH STATUTES AND CODES
9-4-924 - Allocation of qualified mortgage bonds to counties, cities, and towns.
9-4-924. Allocation of qualified mortgage bonds to counties, cities, and towns.
(1) (a) The corporation is authorized to allocate all or part of the amount to one or morecounties, cities, and towns within the state or to any authority or agency of any such entities thatis authorized to issue qualified mortgage bonds.
(b) An allocation may not be made under this section unless the entity applies to thecorporation for an allocation and the corporation finds that the proposed allocation would be inthe best interest of the state.
(c) The corporation shall take the following factors into consideration before making itsfinding:
(i) the number of "low and moderate income persons," within the meaning of the UtahHousing Corporation Act, within a given area;
(ii) the likelihood that the proposed issuing entity would use the allocation to issuequalified mortgage bonds in a timely manner;
(iii) the cost to the proposed issuing entity to issue the bonds relative to the cost to thecorporation to issue the bonds;
(iv) any special costs or benefits which would result from the issuance of such bonds bythe proposed issuing entity;
(v) the capability of the proposed issuing entity to administer an issuance of qualifiedmortgage bonds;
(vi) the needs of the proposed issuing entity relative to the needs of other counties, cities,and towns;
(vii) the effects of the proposed allocation on counties, cities, and towns which are notserved by the proposed issuing entity; and
(viii) any other factors the corporation considers relevant to a determination of what is inthe best interest of Utah with regard to single family housing.
(2) (a) The corporation shall specify the time within which an issuing entity shall use theallocation.
(b) Any part of the allocation which is not used within the time prescribed automaticallyterminates.
(c) The corporation may extend the time initially prescribed for use of the allocation.
(1) (a) The corporation is authorized to allocate all or part of the amount to one or morecounties, cities, and towns within the state or to any authority or agency of any such entities thatis authorized to issue qualified mortgage bonds.
(b) An allocation may not be made under this section unless the entity applies to thecorporation for an allocation and the corporation finds that the proposed allocation would be inthe best interest of the state.
(c) The corporation shall take the following factors into consideration before making itsfinding:
(i) the number of "low and moderate income persons," within the meaning of the UtahHousing Corporation Act, within a given area;
(ii) the likelihood that the proposed issuing entity would use the allocation to issuequalified mortgage bonds in a timely manner;
(iii) the cost to the proposed issuing entity to issue the bonds relative to the cost to thecorporation to issue the bonds;
(iv) any special costs or benefits which would result from the issuance of such bonds bythe proposed issuing entity;
(v) the capability of the proposed issuing entity to administer an issuance of qualifiedmortgage bonds;
(vi) the needs of the proposed issuing entity relative to the needs of other counties, cities,and towns;
(vii) the effects of the proposed allocation on counties, cities, and towns which are notserved by the proposed issuing entity; and
(viii) any other factors the corporation considers relevant to a determination of what is inthe best interest of Utah with regard to single family housing.
(2) (a) The corporation shall specify the time within which an issuing entity shall use theallocation.
(b) Any part of the allocation which is not used within the time prescribed automaticallyterminates.
(c) The corporation may extend the time initially prescribed for use of the allocation.
Amended by Chapter 378, 2010 General Session
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