1. (a) An applicant, to be eligible for assistance, shall meet the following criteria:

   1. (1) It shall be a small business as defined in Section 8020.
   2. (2) It shall seek financing for a project that complies with the Act (commencing with Health and Safety Code Section 44500).
   3. (3) In connection with assistance in accordance with Section 8043 of this article, it shall seek financing that is no less than $500,000.
   4. (4) It shall demonstrate a financial capability to make debt service payments and shall provide such collateral security (in the form of deeds of trust, security agreements, reserves, third party guarantees or other methods) as may be required by the holders of the bonds, the lender in a conventional loan, and the Authority as guarantor.

2. (b) An applicant shall receive assistance, provided sufficient funds are available, when the following conditions are satisfied:

   1. (1) The Authority has accepted the applicant's request for financing pursuant to Section 8032.
   2. (2) The Authority has determined that the applicant is eligible pursuant to subdivision (a) of this section.
   3. (3) The Authority issues bonds to finance the applicant's project or the Authority approves a guarantee of a conventional loan which will finance the applicant's project.
3. (c) This section shall not apply where the financing requested is not eligible for the allocation of volume cap pursuant to 26 U.S.C. Section 146.

Note: Authority cited: Section 44520, Division 27, Health and Safety Code. Reference: Section 44548, Division 27, Health and Safety Code.

History

1. New section filed 7-3-86; effective upon filing pursuant to Government Code section 11346.2(d) (Register 86, No. 27).

2. Amendment of subsection (a)(3) filed 4-8-93 as an emergency; operative 4-8-93 (Register 93, No. 15). A Certificate of Compliance must be transmitted to OAL 10-5-93 pursuant to Health and Safety Code section 44520 or emergency language will be repealed by operation of law on the following day.

3. Certificate of Compliance as to 4-8-93 order transmitted to OAL 8-10-93 and filed 9-7-93 (Register 93, No. 37).

4. Editorial correction of History 2 (Register 93, No. 37).

5. Amendment of subsections (a)(4) and (b)(3) filed 1-31-94 as an emergency; operative 1-31-94 (Register 94, No. 5). A Certificate of Compliance must be transmitted to OAL by 7-30-94, pursuant to Health and Safety Code section 44520, or emergency language will be repealed by operation of law on the following day.

6. Amendment of subsections (a)(4) and (b)(3) refiled 7-21-94 as an emergency; operative 7-31-94 (Register 94, No. 29). A Certificate of Compliance must be transmitted to OAL by 1-27-95 pursuant to Health and Safety Code section 44520 or emergency language will be repealed by operation of law on the following day.

7. Editorial correction of History 6 (Register 95, No. 10).

8. Certificate of Compliance as to 7-21-94 order including amendment of subsection (a)(3) transmitted to OAL 1-26-95 and filed 3-9-95 (Register 95, No. 10).

9. New subsection (c) filed 10-27-2009 as an emergency; operative 10-27-2009 (Register 2009, No. 44). A Certificate of Compliance must be transmitted to OAL by 4-26-2010 or emergency language will be repealed by operation of law on the following day.

10. Reinstatement of section as it existed prior to 10-27-2009 emergency amendment by operation of Government Code section 11346.1(f) (Register 2010, No. 18).

11. New subsection (c) refiled 4-29-2010 as an emergency; operative 4-29-2010 (Register 2010, No. 18). A Certificate of Compliance must be transmitted to OAL by 7-28-2010 or emergency language will be repealed by operation of law on the following day.

12. New subsection (c) refiled 7-13-2010 as an emergency; operative 7-13-2010 (Register 2010, No. 29). A Certificate of Compliance must be transmitted to OAL by 10-11-2010 or emergency language will be repealed by operation of law on the following day.

13. Certificate of Compliance as to 7-13-2010 order transmitted to OAL 9-23-2010 and filed 11-4-2010 (Register 2010, No. 45).