15 CAR § 73-106 – Reservation of volume cap

(a) The President of the Arkansas Development Finance Authority will record and monitor application filings in accordance with Arkansas Code § 15-5-607.
(b) At such time as the president determines an application filing to be complete, a sequential priority number will be assigned to the application.
(c) Reservations of volume cap will be made based upon the priority number.
(d) Applications for Reservation of Volume Cap for Affected Bonds to be issued by the Arkansas Development Finance Authority which qualify for specific purposes set forth in Arkansas Code § 15-5-603 or carryforward purposes will be reserved based upon the priority numbers of applications qualifying for the particular purpose.
(e) The president will continue to assign priority numbers to completed applications after a volume cap shortage applicable to those applications has been declared under 15 CAR § 73-109.
(f) At such time as the president determines an application is complete or incomplete, he or she will provide a dated, written communication to the bond counsel notifying bond counsel of such determination and containing one (1) of the following statements or such other statement as the president deems appropriate:
1. (1) Priority number ________ is assigned. The application is accepted as a reservation of volume cap in the amount of $__________;
2. (2) Priority number ________ is assigned. However, there is no volume cap available; or
3. (3) A priority number is not assigned. The Application for Volume Cap has been denied or fails to meet the requirements of a completed application.
(g) In the event volume cap not previously available should subsequently become available through the expiration of a reservation, the reallocation of categories described in 15 CAR § 73-103, or otherwise, the president may reserve such volume cap in the same calendar year for a qualifying application based upon the priority number in the manner described in this section.