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15-5-604. Filing by issuer of reservation of volume cap and notice of issuance of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-604. Filing by issuer of reservation of volume cap and notice of issuance of bonds.
(a) In order to reserve an allocation of the state ceiling to an issue of affected bonds prior to the issuance by delivery and payment of those affected bonds, a reservation filing by or on behalf of the issuer must be made with the President of the Arkansas Development Finance Authority not more than sixty (60) days prior to the projected issuance date of the affected bonds. Each reservation filing shall be assigned a priority number in accordance with § 15-5-607.
(b)(1) Once accepted as a reservation of volume cap by the president pursuant to the rules of the authority, a reservation filing shall be effective to allocate state volume cap for purposes of compliance with federal tax law, subject only to the timely issuance of the affected bonds.
(2) The affected bonds shall be issued by delivery and payment within sixty (60) days after the date that the reservation filing is accepted as effective to allocate volume cap, unless:
(A) The deadline is extended pursuant to subsection (e) of this section;
(B) The reservation is accepted as effective to allocate volume cap on or after November 1, by December 31 of the applicable calendar year; or
(C) The issuer is granted permission by the president to carry forward the allocation pursuant to § 15-5-606.
(c) The issuance of the affected bonds shall be evidenced by the filing of a notice of issuance with the president. However, the failure to file such notice of issuance shall not affect the allocation of volume cap to affected bonds that have been otherwise timely issued pursuant to subsection (b) of this section.
(d)(1) For reservation filings received by the president prior to September 1 of each calendar year, volume cap
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-604
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-5-604
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8b79cd22388d512bcf22e98956d7d3b8c0a020c3c74416bfa9584b2101b50de0
Source location: content.xml paragraph 8295
Stored source content
15-5-604. Filing by issuer of reservation of volume cap and notice of issuance of bonds.
(a) In order to reserve an allocation of the state ceiling to an issue of affected bonds prior to the issuance by delivery and payment of those affected bonds, a reservation filing by or on behalf of the issuer must be made with the President of the Arkansas Development Finance Authority not more than sixty (60) days prior to the projected issuance date of the affected bonds. Each reservation filing shall be assigned a priority number in accordance with § 15-5-607.
(b)(1) Once accepted as a reservation of volume cap by the president pursuant to the rules of the authority, a reservation filing shall be effective to allocate state volume cap for purposes of compliance with federal tax law, subject only to the timely issuance of the affected bonds.
(2) The affected bonds shall be issued by delivery and payment within sixty (60) days after the date that the reservation filing is accepted as effective to allocate volume cap, unless:
(A) The deadline is extended pursuant to subsection (e) of this section;
(B) The reservation is accepted as effective to allocate volume cap on or after November 1, by December 31 of the applicable calendar year; or
(C) The issuer is granted permission by the president to carry forward the allocation pursuant to § 15-5-606.
(c) The issuance of the affected bonds shall be evidenced by the filing of a notice of issuance with the president. However, the failure to file such notice of issuance shall not affect the allocation of volume cap to affected bonds that have been otherwise timely issued pursuant to subsection (b) of this section.
(d)(1) For reservation filings received by the president prior to September 1 of each calendar year, volume cap shall be reserved and allocated based on the priority number assigned in accordance with subsection (a) of this section.
(2) For reservation filings made on or after September 1 of each calendar year, or for reservation filings made once a volume cap shortage has been declared in accordance with the rules of the authority, volume cap shall be reserved and allocated in accordance with the rules of the authority.
(3) The authority shall promulgate rules to provide for the declaring of a volume cap shortage and to reserve and allocate volume cap in cases of a shortage declaration in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
(e)(1) In the event that an allocation expires by reason of failure to issue the affected bonds within the applicable period stated in subsection (b) of this section, a new filing shall be made that shall be accorded priority in accordance with its new time of filing.
(2)(A) The president may extend the applicable period for issuing the affected bonds by up to sixty (60) days in accordance with the rules promulgated by the authority.
(B) The rules may provide for the payment by the issuer of a fee to extend the issuance period and may provide for the filing of an explanatory statement as to the reasons the affected bonds were not issued during the original applicable period.
(C) The authority shall promulgate rules to provide for extending the applicable period for issuing the affected bonds in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-606. Balance of state ceiling — Carryforwards.
(a)(1)(A) Volume cap that has not been allocated by the end of the calendar year may be allocated by the President of the Arkansas Development Finance Authority for one (1) or more carryforward purposes, and the issuer receiving such allocation shall carry forward the allocation of volume cap in the manner described in subdivision (a)(2) of this section.
(B)(i) Volume cap that has been allocated prior to the end of the calendar year to another issuer by the Arkansas Development Finance Authority but as to which no bonds have been issued may be carried forward only upon the approval of the president.
(ii) The issuer seeking to carry forward an allocated volume cap must request the written permission of the president.
(iii) The president may require the issuer to submit such information as he or she deems necessary to determine if approval of the request should be granted.
(iv) If the president approves the carryforward request, permission to carry forward the volume cap shall be evidenced by a letter from the president, and the issuer shall carry forward the volume cap in the manner described in subdivision (a)(2) of this section.
(v) If the president does not approve the carryforward request, the allocation shall be deemed to have expired as of the end of the calendar year, and the volume cap related to the expired allocation may be allocated by the president as set forth in subdivision (a)(1)(A) of this section.
(2)(A) In order to carry forward volume cap allocated pursuant to subdivision (a)(1)(A) or subdivision (a)(1)(B) of this section, the issuer, whether such issuer is the authority or another issuer, must make a valid carryforward election statement under the provisions of federal tax law.
(B) Th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-606
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-606. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-607. Records of filings.
(a) The Arkansas Development Finance Authority shall maintain continuous cumulative records of the filings made under this subchapter.
(b) For such a purpose, the filings under this subchapter shall be dated and numbered by the President of the Arkansas Development Finance Authority in the order made.
(c) The president shall attempt to accept filings in the order in which completed applications are received.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-607
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-607. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
25-15-201. Title.
This subchapter shall be known and cited as the “Arkansas Administrative Procedure Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 25-15-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 25-15-201. This identifies an authority to review, not proof of applicability.