Section 10-B5012. PROCESSING OF BOND APPLICATIONS PURSUANT TO DISTRICT'S VOLUME CAP

 

5012.1Applications for bond financing shall be submitted to the Office of Business and Economic Development (OBED) on or before May 1, 1986, in order to be eligible for priority status pursuant to §5013.2 for purposes of allocating the District's 1986 Volume Cap pursuant to H.R. 3838 or other new federal tax legislation.

 

5012.2The OBED shall first process those applications which are received on or before the close of business on May 1, 1986, and which are complete. These applications shall hereinafter be referred to as "Allocation Applications."

 

5012.3The OBED shall process all other applications pursuant to §§5012.9, 5012.10 and 5012.11.

 

5012.4The OBED shall make a determination of the completeness of Allocation Applications received pursuant to §§5012.1 and 5012.2.

 

5012.5An Allocation Application shall be determined to be complete if all material questions are answered completely and correctly and the facility applicant, as defined in §5099, has submitted fully executed copies of the following:

 

(a)First Source Employment Agreement between the facility applicant and the Department of Employment Services;

 

(b)Memorandum of Understanding regarding minority business opportunity between the facility applicant and the Minority Business Opportunity Commission; and

 

(c)A written expression of interest of an underwriter or a letter of intent of a prospective purchaser of the bonds.

 

5012.6The Corporation Counsel shall make a preliminary determination of the legal sufficiency of Allocation Applications received pursuant to §§5012.1 and 5012.2.

 

5012.7An Allocation Application shall be determined to be legally sufficient if, based on the information received from the facility applicant and the legal sufficiency review of bond counsel pursuant to §5011.11, the Corporation Counsel determines that there are no legal impediments which prevent issuance of the bonds requested by the Allocation Applications.

 

5012.8An Allocation Application determined by the OBED to be complete pursuant to §5012.4 and determined by the Corporation Counsel to be legally sufficient pursuant to §5012.6 shall be considered by the OBED for allocation under the District's 1986 Volume Cap.

 

5012.9The OBED shall also review any Existing Bond Application submitted prior to April 2, 1986, for which bonds have not been issued and for which the facility applicant restates an intention to seek issuance of the bonds.

 

5012.10The facility applicant's intention, with respect to its Existing Bond Application, shall be delivered in writing to the OBED by close of business on May 1, 1986, in order to be considered for purposes of priority allocation under the District's 1986 Volume Cap. The Existing Bond Application of a facility applicant shall also satisfy the requirements of §§5012.5, 5012.7 and 5012.8.

 

5012.11The OBED shall also process the following:

 

(a)Applications received after May 1, 1986, which satisfy the requirements of §§5012.5, 5012.7 and 5012.8; and

 

(b)Applications received on or before May 1, 1986, which did not satisfy the completion requirements of §5012.5 on that date, but which subsequently satisfy those requirements and the requirements of §§5012.7 and 5012.8.

 

5012.12Applications processed pursuant to §5012.11 shall not be considered for allocation under the District's 1986 Volume Cap unless and until the earlier of the following occurs:

 

(a)Federal tax legislation is modified to make the provisions of §§5012, 5013 and 5014 unnecessary;

 

(b)Allocation Applications that satisfy the requirements of §5012.8 and Existing Bond Applications that satisfy the requirements of §5012.10 do not consume the District's 1986 Volume Cap; or

 

(c)A portion of the District's 1986 Volume Cap, which had been allocated, is released pursuant to §5014.

 

source

Final Rulemaking published at 33 DCR 4438 (July 25, 1986).