Page 1, between lines 22 and 23,
insert:
"Page 24, line 2, after the
first "formed" insert ",
except that a corporation that is formed by the Arizona finance authority shall
be governed pursuant to section 41‑5353"
Page 28, line 43, after "shall" insert ":
1. Transfer all unencumbered monies in excess of
the authority's operating costs generated after the effective date of this amendment
to this section from single family mortgage PROGRAMS that were in existence
before the effective date of this amendment to this section to the housing
trust fund established by section 41‑3955.
2. After the transfer is made pursuant to
paragraph 1 of this subsection,""
Page 3, strike lines 25 through 29,
insert:
"Page 40, strike lines 4
through 42, insert:
"Sec. 27. Section
35-907, Arizona Revised Statutes, is amended to read:
START_STATUTE35-907. Allocations after 5:00 p.m. December
16
A. Any portions of the
state ceiling for which bonds have not been issued by 5:00 p.m. December 16,
other than confirmations extended pursuant to section 35‑910, shall be
pooled and are subject to allocation by the chief executive officer to projects
eligible for a carry‑forward allocation under the code.
B. Obtaining and issuing
a confirmation after 5:00 p.m. December 16 shall occur as provided in section
35‑904, subject to the following restrictions and changes:
1. A notice of intent
shall be filed on or before December 15 with the authority by any issuer, bond
counsel or other interested person, with respect to projects for which
allocations may be carried forward pursuant to section 146 of the
code. Such notice of intent shall be considered and confirmations
shall be issued by the chief executive officer to the issuers on
December 17. Any portions of the state ceiling for which bonds
have not been issued or for which a qualified mortgage credit certificate
program has not been established by 5:00 p.m. December 26 shall be allocated by
the chief executive officer and confirmations shall be issued to such issuers
before January 1. Issuers shall not file elections with the federal government
under section 146 of the code until an allocation has been issued by the
authority under this section for the bonds pertaining to a
project. The failure to file a notice of intent results in the
exclusion of the project from allocations to issuers of any portion of the current
calendar year state ceiling.
2. A security deposit
equal to one per cent percent of the principal amount
stated in the notice of intent shall be received by the authority within five
days after notification by the chief executive officer that the project is eligible
for a carry‑forward allocation. No security deposit is
required if the direct beneficiary of the bonds proceeds is this state or a
county, city, town or nonprofit entity, the issuer is a student loan
corporation, the project includes urban development action grant or housing
development grant financing, is a project described in section 1317(3)(N) of
the tax reform act of 1986 or is a qualified mortgage revenue bond project or
is a qualified mortgage credit certificate program or the confirmation is issued
by the chief executive officer on or after December 26. The security
deposit is forfeited to the authority if bonds are not issued within three
years of after the receipt of the deposit. For bonds that are issued from and after
December 31, 2015, any security deposit made in relation to the project for
which the bonds are issued shall be refunded if the bonds are issued within
three years after the receipt of the deposit that is required under this
paragraph, whether or not carry-forward allocation is used. END_STATUTE
Sec. 28. Section 35-907, Arizona Revised Statutes, as
amended by section 27 of this act, is amended effective from and after December
31, 2016, to read:
START_STATUTE35-907. Allocations after 5:00 p.m. December
16
A. Any portions of the state ceiling for which bonds have not
been issued by 5:00 p.m. December 16, other than confirmations extended
pursuant to section 35‑910, shall be pooled and are subject to allocation
by the chief executive officer
director to projects
eligible for a carry‑forward allocation under the code.
B. Obtaining and issuing
a confirmation after 5:00 p.m. December 16 shall occur as provided in section
35‑904, subject to the following restrictions and changes:
1. A notice of intent
shall be filed on or before December 15 with the authority by any issuer, bond
counsel or other interested person, with respect to projects for which
allocations may be carried forward pursuant to section 146 of the
code. Such notice of intent shall be considered and confirmations
shall be issued by the chief executive
officer director to
the issuers on December 17. Any portions of the state ceiling for
which bonds have not been issued or for which a qualified mortgage credit
certificate program has not been established by 5:00 p.m. December 26 shall be
allocated by the chief executive officer
director and
confirmations shall be issued to such issuers before January
1. Issuers shall not file elections with the federal government
under section 146 of the code until an allocation has been issued by the
authority under this section for the bonds pertaining to a
project. The failure to file a notice of intent results in the
exclusion of the project from allocations to issuers of any portion of the
current calendar year state ceiling.
2. A security deposit
equal to one percent of
the principal amount stated in the notice of intent shall be received by the
authority within five days after notification by the chief executive officer director that the project is eligible for a
carry‑forward allocation. No security deposit is required if
the direct beneficiary of the bonds proceeds is this state or a county, city,
town or nonprofit entity, the issuer is a student loan corporation, the project
includes urban development action grant or housing development grant financing,
is a project described in section 1317(3)(N) of the tax reform act of 1986 or
is a qualified mortgage revenue bond project or is a qualified mortgage credit
certificate program or the confirmation is issued by the chief executive officer director on or after December 26. The security
deposit is forfeited to the authority if bonds are not issued within three
years after the receipt of the deposit. For bonds that are issued from and
after December 31, 2015, any security deposit made in relation to the project
for which the bonds are issued shall
be refunded if the bonds are issued within three years after the receipt of the
deposit that is required under this paragraph, whether or not carry-forward
allocation is used." END_STATUTE
Renumber to conform"
Page 4, between lines 8 and 9,
insert:
"Page 64, line 27, after "agreement" insert "but not including information regarding adult
or child protection actions""
Between lines 10 and 11, insert:
"Page 72, line 8, after
"44‑313" insert ",
monies transferred pursuant to section 35‑751""
Page
6, line 11, strike "76" insert "77"
Amend
title to conform
Bill
Number: H.B. 2666