63M-1-1220 - Redemption of certificates. - Utah Statutes

63M-1-1220. Redemption of certificates.
(1) If a designated investor elects to redeem a certificate, the certificate shall be presentedto the board for redemption no later than June 30 of the calendar year maturity date stated on thecertificate.
(2) Upon presentment to the board, it shall determine and certify the amount of thecontingent tax credit that may be claimed by the designated investor based on:
(a) the limitations in Section 63M-1-1218; and
(b) rules made by the board in accordance with Title 63G, Chapter 3, UtahAdministrative Rulemaking Act.
(3) (a) If there are sufficient funds in the redemption reserve, the board shall direct thecorporation to make a cash redemption of the certificate.
(b) If there are insufficient funds in the redemption reserve, the board may elect toredeem the certificate:
(i) by certifying a contingent tax credit to the designated investor; or
(ii) by making demand on designated purchasers to purchase certificates in accordancewith Section 63M-1-1221.
(4) The board shall certify to the State Tax Commission the contingent tax credit whichcan be claimed by the designated investor with respect to the redemption of the certificate.
(5) The board shall cancel all redeemed certificates.

Renumbered and Amended by Chapter 382, 2008 General Session