15 CAR § 73-108 – Carryforward of volume cap

(a) All carryforwards of volume cap authorized by this section shall be made in accordance with 26 U.S.C. § 146(f), and the issuer designated by the President of the Arkansas Development Finance Authority to make the carryforward shall be responsible for making a valid election utilizing the required forms as are then published by the United States Department of the Treasury, Internal Revenue Service.
(b) Volume cap for which no reservation has been issued by the end of a calendar year may be authorized by the president to be carried forward by any issuer, including the Arkansas Development Finance Authority, for a specific carryforward purpose or purposes designated by the president.
(c)
1. (1) Volume cap for which a reservation has been issued to an issuer other than the authority, but as to which no bonds have been issued, may be carried forward by the other issuer only on written approval of the president.
2. (2) The other issuer seeking to carry forward the reserved volume cap must request the written permission of the president, and the president may request such information from the other issuer as he or she deems necessary.
3. (3) If the president approves of the carryforward request, that approval shall be submitted in a written communication which requires the other issuer to:
  1. (A) Comply with the requirements of subsection (a) of this section; and
  2. (B) File a copy of the election statement and any other filings required by subsection (a) of this section with the president.
4. (4) If the president does not approve of the carryforward request, the reservation shall be deemed to have expired as of the end of the calendar year and the volume cap related to the expired reservation may be carried forward by the president as set forth in subsection (b) of this section.
5. (5) If the carryforward request by an issuer other than the authority is approved, such issuer shall allocate the volume cap within the time limitations set forth in 26 U.S.C. § 146(f).