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15-5-605. Special rules for allocation of volume cap for multifamily residential housing bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-605. Special rules for allocation of volume cap for multifamily residential housing bonds.
(a) Notwithstanding § 15-5-604(c), the priority allocation of volume cap to multifamily residential housing bonds, whether the bonds are issued by the Arkansas Development Finance Authority or by any other issuer, shall not be determined based solely on the date of the reservation filing.
(b) Multifamily residential housing bonds shall be granted a priority based upon the decision of the authority in accordance with rules establishing criteria to determine priority for multifamily residential housing bonds.
(c) The rules may provide for the priority of the allocation to be based upon:
(1) The need for multifamily residential housing in the particular area of the state in which the project is to be located;
(2) The characteristics of the proposed project; and
(3) Any other factors as determined necessary by the authority.
(d) The authority shall promulgate rules to establish criteria to determine priority for multifamily residential housing bonds in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-605
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:15-5-605
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d238dd88047fea116886fb3325805fb00b73db4ec9329497d507c806a75b41bb
Source location: content.xml paragraph 8317
Stored source content
15-5-605. Special rules for allocation of volume cap for multifamily residential housing bonds.
(a) Notwithstanding § 15-5-604(c), the priority allocation of volume cap to multifamily residential housing bonds, whether the bonds are issued by the Arkansas Development Finance Authority or by any other issuer, shall not be determined based solely on the date of the reservation filing.
(b) Multifamily residential housing bonds shall be granted a priority based upon the decision of the authority in accordance with rules establishing criteria to determine priority for multifamily residential housing bonds.
(c) The rules may provide for the priority of the allocation to be based upon:
(1) The need for multifamily residential housing in the particular area of the state in which the project is to be located;
(2) The characteristics of the proposed project; and
(3) Any other factors as determined necessary by the authority.
(d) The authority shall promulgate rules to establish criteria to determine priority for multifamily residential housing 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
15-5-604. 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. The source passage cites 15-5-604. 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.