7C.7 - CERTIFICATION OF ALLOCATION.
7C.7 CERTIFICATION OF ALLOCATION.
Upon the receipt of a completed application pursuant to section
7C.6, the governor's designee shall promptly certify to the political
subdivision the amount of the state ceiling allocated to the bonds
for the purpose or project with respect to which the application was
submitted. The allocation shall remain valid for one hundred twenty
days from the date the allocation was certified, subject to the
following conditions:
1. If the bonds are issued and delivered for the purpose or
project within the one-hundred-twenty-day period or the thirty-day
extension period provided in subsection 2, the political subdivision
or its representative shall within ten days following the issuance
and delivery of the bonds or not later than June 30 of that year, if
the bonds were issued and delivered on or before that date, file with
the governor's designee, in the form or manner the governor's
designee may prescribe, a notification of the date of issuance and
the delivery of the bonds, and the actual principal amount of bonds
issued and delivered. The filing of the notification shall be done
by actual delivery or by posting in a United States post office
depository with correct first class postage paid. If the actual
principal amount of bonds issued and delivered is less than the
amount of the allocation, the amount of the allocation is
automatically reduced to the actual principal amount of the bonds
issued and delivered.
2. If the political subdivision does not reasonably expect to
issue and deliver the bonds within the one-hundred-twenty-day period
and evidence of an executed, valid and binding agreement to purchase
the bonds is obtained from an entity with the legal ability to
purchase and this agreement is filed with the governor's designee,
the one-hundred-twenty-day allocation period is automatically
extended for an additional thirty days. The allocation period shall
not be extended beyond that additional thirty days.
3. The allocation is no longer valid unless the bonds are issued
and delivered prior to December 24 or in the case of bonds described
in section 7C.11 are issued and delivered prior to December 31 of the
calendar year in which the allocation is certified, except as
provided in section 7C.8. Section History: Recent Form
85 Acts, ch 225, § 9; 87 Acts, ch 171, § 7; 88 Acts, ch 1134, § 2;
98 Acts, ch 1165, §4; 2008 Acts, ch 1024, § 3
Referred to in § 7C.9, 7C.10, 7C.12