Statutes, codes, and regulations
California Code Of Regulations
Title 4 - Business RegulationsDivision 9.5 - California Debt Limit Allocation CommitteeChapter 1 - General Provisions
Article 4 - Application Schedule and Procedures
Section 5031 - Eligible Applicants

Cal. Code Regs. tit. 4 § 5031

Download
PDF
Current through Register 2024 Notice Reg. No. 43, October 25, 2024
Section 5031 - Eligible Applicants
(a) The following types of entities may file an Application: Any state or local governmental agency, joint powers authority (JPA) applying for bond allocation for a Project that will be located entirely within the geographical boundaries of one or more of the JPA members (except for a Project described in Government Code section 6586.5(c)), special district, nonprofit public benefit corporation that issues only student loan Bonds, or any other public agency that is empowered to issue debt. The Issuer of the Qualified Private Activity Bonds or Mortgage Credit Certificates must be the Applicant.
(b) Where the Applicant is administering a Single Family Housing Program on behalf of one or more jurisdictions, the Applicant must submit the Application to the Committee. The Applicant must also obtain, and provide to the Committee with its Application, a publicly adopted resolution or cooperative agreement from each jurisdiction participating in the Applicant's program that explicitly grant authority to the Applicant to conduct the program in the participant's jurisdiction.
(c) To be eligible to receive CDLAC allocation, all Applicants must submit written Bond Issuance and Post Issuance Compliance Policies for each State Ceiling Pool they request. For QRRP Applicants, these policies must be reviewed by counsel having expertise with the federal and state laws pertaining to the issuance or conversion and post-closing compliance of private activity conduit bonds for consistency with applicable federal and state laws. Such review will be documented via a letter from the respective counsel indicating the review has occurred. Additionally, for all Applicants, the policies must be accompanied by a resolution signed by the appropriate governing body formally adopting the policies. If the governing body has delegated approval authority on such matters to the organization's Executive Director, Housing Director or Finance Director, approval by the delegated individuals will suffice. To the extent contractors will be providing services on behalf of an Applicant, the policies should clarify the relationship between the contractor and the Applicant and what, if any, rights the contractor has to income and obligations generated from the issuance activity. CDLAC will review these policies to ensure the legal review has occurred, appropriate approval documentation is in place and for consistency with the CDLAC regulations. CDLAC will document their formal approval. This requirement will apply immediately to all Applicants who have not received allocation from CDLAC since January of 2013 and for new Applicants. Applicants having received an allocation of bonds from CDLAC after January 2013 will have until December 31st of 2017 to complete and submit policies to CDLAC. If an Applicant has not utilized CDLAC's programs but has a 2017 project pending, a one year waiver to this regulation may be requested. To fulfill this requirement, approval of the policies must be documented in a resolution dated no earlier than 2006. All policies must be reviewed and re-approved at least every 10 years thereafter.

Cal. Code Regs. Tit. 4, § 5031

1. New section filed 7-12-2010 as an emergency pursuant to Government Code section 8869.94; operative 7-12-2010 (Register 2010, No. 29). A Certificate of Compliance must be transmitted to OAL by 1-10-2011 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 1-6-2011 as an emergency pursuant to Government Code section 8869.94; operative 1-6-2011 (Register 2011, No. 1). A Certificate of Compliance must be transmitted to OAL by 4-6-2011 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 4-1-2011 as an emergency pursuant to Government Code section 8869.94; operative 4-6-2011 (Register 2011, No. 13). A Certificate of Compliance must be transmitted to OAL by 7-5-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 4-1-2011 order, including new section heading and amendment of section, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).
5. Amendment of subsection (a) and new subsection (c) filed 12-15-2016 as an emergency pursuant to Government Code section 8869.94; operative 12-15-2016 (Register 2016, No. 51). A Certificate of Compliance must be transmitted to OAL by 6-13-2017 or emergency language will be repealed by operation of law on the following day.
6. Amendment of subsection (a) and new subsection (c) refiled 5-30-2017 as an emergency pursuant to Government Code section 8869.94; operative 6-14-2017 (Register 2017, No. 22). A Certificate of Compliance must be transmitted to OAL by 9-12-2017 or emergency language will be repealed by operation of law on the following day.
7. Reinstatement of section as it existed prior to 12-15-2016 emergency amendment by operation of Government Code section 11346.1(f) (Register 2017, No. 38).
8. Amendment of subsection (a) and new subsection (c) filed 10-13-2017; operative 10-13-2017 pursuant to Government Code section 11343.4(b)(3) (Register 2017, No. 41).

Note: Authority cited: Section 8869.94, Government Code. Reference: Sections 8869.84(f), 8869.84(g), 8869.85(a), 8869.85(b), 8869.88 and 8869.89, Government Code.

1. New section filed 7-12-2010 as an emergency pursuant to Government Code section 8869.94; operative 7-12-2010 (Register 2010, No. 29). A Certificate of Compliance must be transmitted to OAL by 1-10-2011 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 1-6-2011 as an emergency pursuant to Government Code section 8869.94; operative 1-6-2011 (Register 2011, No. 1). A Certificate of Compliance must be transmitted to OAL by 4-6-2011 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 4-1-2011 as an emergency pursuant to Government Code section 8869.94; operative 4-6-2011 (Register 2011, No. 13). A Certificate of Compliance must be transmitted to OAL by 7-5-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 4-1-2011 order, including new section heading and amendment of section, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).
5. Amendment of subsection (a) and new subsection (c) filed 12-15-2016 as an emergency pursuant to Government Code section 8869.94; operative 12-15-2016 (Register 2016, No. 51). A Certificate of Compliance must be transmitted to OAL by 6-13-2017 or emergency language will be repealed by operation of law on the following day.
6. Amendment of subsection (a) and new subsection (c) refiled 5-30-2017 as an emergency pursuant to Government Code section 8869.94; operative 6-14-2017 (Register 2017, No. 22). A Certificate of Compliance must be transmitted to OAL by 9-12-2017 or emergency language will be repealed by operation of law on the following day.
7. Reinstatement of section as it existed prior to 12-15-2016 emergency amendment by operation of Government Code section 11346.1(f) (Register 2017, No. 38).
8. Amendment of subsection (a) and new subsection (c) filed 10-13-2017; operative 10/13/2017 pursuant to Government Code section 11343.4(b)(3) (Register 2017, No. 41).