15 CAR § 73-105 – Applications for Reservation of Volume Cap

(a) In order to reserve volume cap for an issue of affected bonds, a completed application must be submitted to the President of the Arkansas Development Finance Authority.
(b) Applications may be submitted no earlier than:
1. (1) The first business day of the calendar year in which the reservation is requested, such day being a Monday through Friday, that is not a state holiday observed by the Secretary of State; and
2. (2) A date that would cause the reservation period to expire before the anticipated date of issuance.
(c) Applications related to multifamily housing bonds may not be submitted prior to the approval of the Multifamily Housing Application by the Board of Directors of the Arkansas Development Finance Authority pursuant to 15 CAR § 73-112.
(d) The president will assign a priority number to each Application for Affected Bonds in the order the application is received and deemed complete.
(e) To be complete, an application must:
1. (1) State the name of the issuer;
2. (2) State the principal amount of the bonds to be issued, including any bonds issued as part of an issue of affected bonds;
3. (3) State the amount of volume cap requested;
4. (4) State the purpose for the volume cap, including the description of any project to be funded with the bond proceeds;
5. (5) State the type of issue as identified on the then-current United States Department of Treasury, Internal Revenue Service Form 8038;
6. (6) State the principal user, if different from the issuer;
7. (7) State the date of adoption of the bond authorizing resolution or other official action, if any;
8. (8) Include a copy of the bond authorizing resolution or other official action which meets the requirement for “official intent” set forth in 26 C.F.R. § 1.150-2(e);
9. (9) State the state statutory authority for the issuance, as distinguished from allocation of volume cap, of the affected bonds;
10. (10) State the name, address, telephone number, and email address of bond counsel; and
11. (11) Be signed and dated by bond counsel.