9-4-506 - Allotment accounts.
9-4-506. Allotment accounts.
(1) There are created the following allotment accounts:
(a) the Single Family Housing Account, for which eligible issuing authorities are thoseauthorized under the code and state statute to issue qualified mortgage bonds under Section 143of the code;
(b) the Student Loan Account, for which eligible issuing authorities are those authorizedunder the code and state statute to issue qualified student loan bonds under Section 144(b) of thecode;
(c) the Small Issue Bond Account, for which eligible issuing authorities are thoseauthorized under the code and state statute to issue:
(i) qualified small issue bonds under Section 144(a) of the code; or
(ii) qualified exempt facility bonds for qualified residential rental projects under Section142(d) of the code;
(d) the Exempt Facilities Account, for which eligible issuing authorities are thoseauthorized under the code and state statute to issue bonds requiring an allocation of volume capother than for purposes described in Subsections (1)(a), (b), or (c);
(e) the Pool Account, for which eligible issuing authorities are those authorized under thecode and state statute to issue bonds requiring an allocation of volume cap; and
(f) the Carryforward Account, for which eligible issuing authorities are those withprojects or programs qualifying under Section 146(f) of the code.
(2) (a) The volume cap shall be distributed to the various allotment accounts on January 1of each year on the following basis:
(i) 42% to the Single Family Housing Account;
(ii) 33% to the Student Loan Account;
(iii) 1% to the Exempt Facilities Account; and
(iv) 24% to the Small Issue Bond Account.
(b) From July 1 to September 30 of each year, the board of review may transfer anyunallocated volume cap from the Exempt Facilities Account or the Small Issue Bond Account tothe Pool Account.
(c) The board of review, upon written notification by the issuing authorities eligible forvolume cap allocation from the Single Family Housing Account or the Student Loan Account thatall or a portion of volume cap distributed into that allotment account will not be used, maytransfer the unused volume cap between the Single Family Housing Account and the StudentLoan Account.
(d) From October 1 to the third Friday of December of each year, all unallocated volumecap shall be transferred into the Pool Account.
(e) Unallocated volume cap or allocated volume cap for which bonds have not beenissued prior to the third Saturday of December shall be transferred on that date into theCarryforward Account.
(f) If the authority to issue bonds designated in any allotment account is rescinded byamendment to the code, the board of review may transfer any unallocated volume cap from thatallotment account to any other allotment account.
Amended by Chapter 95, 2000 General Session