Section 3.99.110. Application.

	(a)  To request the authority's assistance under the conduit revenue bond program, a person must submit an application to the authority. The person may apply on a form provided by the authority.  
	(b)  The application must contain information sufficient to allow the authority to determine whether the proposed project and the applicant appear to be eligible to participate in the conduit revenue bond program and whether interest on the authority's bonds issued for the proposed project would be excluded from gross income for federal income tax purposes under the code. The applicant must submit a nonrefundable $1,000 fee to the authority with the application. If the application is for a refunding of a bond previously issued by the authority for the project, the authority may waive all or part of the fee set out in this subsection.  
	(c)  The authority will review the application and will make a preliminary determination of whether the proposed project and applicant are eligible to participate in the conduit revenue bond program and whether interest on the authority's bonds issued for the project would be excluded from gross income for federal income tax purposes under the code. The authority may contact the applicant to discuss the application or to request additional information. Until the applicant provides information sufficient in the judgment of the authority, the authority will not make a preliminary determination. At any time the authority may (1) notify the board of the application, (2) provide information to the board regarding the applicant and the project, or (3) seek direction from the board regarding the application.  
	(d)  If the authority determines under (c) of this section that the proposed project and applicant are eligible to participate in the conduit revenue bond program and that interest on the authority's bonds issued for the project would be excluded from gross income for federal income tax purposes under the code, the authority will make a recommendation regarding the application to the board. The recommendation may be for the adoption of an eligibility resolution under 3 AAC 99.115, the adoption of a bond authorization resolution under 3 AAC 99.130, or other action as the authority considers appropriate under the circumstances. The board may accept the recommendation and take the recommended action or may reject the recommendation and take no action or take a different action.  
	(e)  If the authority determines under (c) of this section that the proposed project and applicant are eligible to participate in the conduit revenue bond program but that interest on the authority's bonds issued for the project would not be excluded from gross income for federal income tax purposes under the code, the authority will notify the applicant of such determination and will take no further action with respect to the application unless the applicant notifies or has previously notified the authority that the applicant wishes to finance the applicant's project with proceeds of conduit revenue bonds the interest on which would be included in gross income for federal income tax purposes under the code.  
	(f)  If the authority determines under (c) of this section that the proposed project or applicant is not eligible to participate in the conduit revenue bond program, the authority will notify the applicant of the determination. The applicant may appeal that determination to the board by delivering to the authority a notice of appeal. The authority must receive the notice of appeal not more than 30 days after the date on which the authority notified the applicant of its determination. The authority will transmit the notice of appeal, a summary of the application, and the authority's preliminary determination to the board. The board will make the final determination of whether either the proposed project or the applicant is ineligible for participation in the conduit revenue bond program. If the board determines that either the proposed project or the applicant is ineligible for participation in the conduit revenue bond program, the authority will take no further action with respect to the application and will notify the applicant that this is the final decision on the application.  

Authorities

44.88.080;44.88.085;44.88.090;44.88.095

Notes

Reference

3 AAC 99.115
3 AAC 99.907

Authority

AS 44.88.080 AS 44.88.085 AS 44.88.090 AS 44.88.095

History

In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118; am 2/11/99, Register 150; am 11/1/99, Register 153; am 8/8/2003, Register 168; am 12/3/2010, Register 197; am 4/25/2013, Register 207; am 11/6/2014, Register 213