SECTION 90:15-9-5. Applications accepted to permanent status; issuance of confirmations; Final Certification

(a)   Upon a determination of receipt of a completed application by the State Bond Advisor and demand, where appropriate, the State Bond Advisor will transfer applications on pool register(s) from provisional to permanent status. In the case of applications determined to be complete by the State Bond Advisor, pursuant to 90:15-9-1(b)(5), the provisionally logged time and date of receipt shall be recorded as the permanent date and time of receipt, provided the determination of completeness and demand, where appropriate, are solely based on the content of applications and attachments first submitted by an applicant.

(b)   Confirmations of the state ceiling shall be issued by the State Bond Advisor based on the chronological order of applications classified as permanent on registers established for each pool including the Consolidated Pool and the Carryforward register. Within five business days of classification of an application as permanent, the State Bond Advisor shall send an applicant a confirmation of a requested allocation of the state ceiling, provided the amount of state ceiling requested is available from a pool or register, or give notice of a denial of a confirmation and the reasons therefor.

(c)   Applications determined to be incomplete shall not be logged for chronological ordering purposes until an application is considered complete. Within five business days of a determination by the State Bond Advisor that an application is incomplete, the State Bond Advisor shall give notice to an applicant of such a determination and the reasons therefore. If an applicant submits additional information addressing the causes of an incomplete application determination within five business days following receipt of such information, the State Bond Advisor shall give notice to the applicant:

(1)   accepting the application as complete and transferring the application to permanent status, or

(2)   give notice of the continued rejection of an application and the reasons therefore.

(d)   If there is not sufficient uncommitted state ceiling capacity in a pool to issue a confirmation in the full amount of a requested application, except as limited by 90:15-9-1(b)(6), the State Bond Advisor shall issue a partial confirmation to the extent uncommitted state ceiling capacity from a pool is available. In such cases, the difference between the amount of a partial confirmation and requested allocation of the state ceiling shall retain its chronological status on a pool register in the event additional state ceiling capacity on a register becomes available.

(e)   An applicant to which a partial confirmation is issued, may reject such confirmation within ten business days of issuance. Such rejections must be made in writing to the State Bond Advisor. A notification by an applicant rejecting a partial confirmation shall act to maintain an applicant's chronological status on a pool register(s) in the full amount of the state ceiling request, except as limited by 90:15-9-1(b)(6). Future confirmations to applicants that have rejected a partial confirmation within ten days will only be made only when confirmations in excess of one dollar ($1.00) of the original allocation can be made. A confirmation, including a partial confirmation, may be rejected by an issuer after ten days, however, the confirmation amount will be removed from the appropriate pool register(s). Confirmation will be issued pursuant to specific applications only. Confirmations cannot be transferred from one applicant to another and/or to a different project(s) or program.

(f)   All confirmations issued by the State Bond Advisor from pools, including the Consolidated Pool, shall be effective for the earlier of 120 days from the date of issuance of the confirmation by the State Bond Advisor, or until 9:00 a.m. on December 20th of each calendar year. Within this time period, issuers to whom confirmations have been issued shall file the Final Certification of Private Activity Bond Issuance or Mortgage Credit Certificate (MCC) Program Election form provided by the State Bond Advisor, with the State Bond Advisor evidencing use of a confirmation through issuance of bonds or the filing of mortgage credit certificate elections. The Final Certification shall require the following:

(1)   Name of government issuer;

(2)   Project name;

(3)   Type of qualified private activity bond or mortgage credit certificate election;

(4)   Amount of state ceiling or carryforward used; and

(5)   Date of bond issuance or mortgage credit certificate election filed or carryforward election filed.

(g)   If an issuer fails to file the Final Certification form within the required time period, the confirmation:

(1)   ceases to be effective;

(2)   the amount of state ceiling allocated pursuant to the confirmation with respect to an application shall be removed from the appropriate pool register(s); and

(3)   the confirmation amount shall be returned to the pools/registers from which it was derived for purposes of reallocation, except that state ceiling amounts recaptured in this manner after September 1st and prior to 9:00 a.m. on December 20th shall revolve to the Consolidated Pool and thereafter to the end of the calendar year to the Carryforward register.

[Source: Added at 8 Ok Reg 2517, eff 6-27-91; Amended at 10 Ok Reg 2571, eff 6-26-93; Amended at 16 Ok Reg 675, eff 12-28-98 (emergency); Amended at 16 Ok Reg 1739, eff 6-11-99; Amended at 20 Ok Reg 462, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2269, eff 7-11-03]