109.04.12 Ark. Code R. 001

Current through Register Vol. 49, No. 10, October, 2024

Rule 109.04.12-001 - 2012 Qualified Energy Conservation Bonds (QECB) Volume Cap Allocation

WHEREAS, 26 USC § 54D sets, a national Qualified Energy Conservation Bond (QECB) tax exempt bond volume cap allocation of $3,200,000,000 for the entire country.

WHEREAS, Arkansas got a QECB allocation of $29,623,000 divided among the State, the five largest counties in Arkansas and the City of Little Rock; and

WHEREAS, the Legislature of the State of Arkansas passed Act 814 of 2011 to allow the Arkansas Development Finance Authority (ADFA) take the necessary actions to allow for the use of federally authorized volume cap; and

WHEREAS, ADFA is the administrator of volume cap in Arkansas for a variety of federally authorized bond financing programs; and

WHEREAS, Act 814 requires the promulgation of rules and regulations; and

WHEREAS, the Federal allocation has a short window of opportunity (timeframe) because the allocation expires December 31, 2013; and

WHEREAS, the Arkansas Economic Development Commission Arkansas Energy Office (AEDC AEO), and the Arkansas Development Finance Authority (ADFA) desire to work together for the implementation of the QECB bond allocation in the State; and

WHEREAS, the QECB method of finance leads to the conservation of energy and monetary savings to borrowers on financing costs;

NOW THEREFORE, BE IT RESOLVED, that the following rules and regulations implementingaplanfortheuseofQECB's developed pursuant to Act 814 of 2011, are hereby adopted and shall be in effect fiom and affer the date set forth in section___of this resolution.

Rules and Regulations

1. The QECB allocations to Little Rock, the counties in Arkansas, and the State will be pooled together so that projects from all over the State can apply for bond financing using QECB's.

2. Before allocations to Little Rock or the other counties in Arkansas can be aggregated, those governmental jurisdictions must waive the right to the volume cap allocation to ADFA.

3. ADFA and AEDC AEO will develop fact sheets about the QECB volume cap.

4. The requests for allocations will be reviewed by a state agency review learn made up of staff from ADFA and the AEDC AEO, vMch team shall make recommendations.

5. The Volume Cap Review Committee, made up of the Directors of ADFA, AEDC, and Department of Finance and Administration (DF& A) shall make the final determination on the requests for volume cap.

6. ADFA will perform the required duties of administrator of the QECB volume cap allocation.

ADOPTED AND APPROVED this 15* day of December, 2011.

Thomas W. Spillyards, Chair Jesse Sharp, Vice Chair

Attested to:

Mac Dodson, ADFA Board Secretary

109.04.12 Ark. Code R. 001

2/2/2012