Statutes, codes, and regulations
California Code Of Regulations
Title 4 - Business RegulationsDivision 9.5 - California Debt Limit Allocation CommitteeChapter 1 - General Provisions
Article 5 - Performance Deposits and Fees
Section 5051 - Release of Performance Deposit

Cal. Code Regs. tit. 4 § 5051

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Current through Register 2024 Notice Reg. No. 45, November 8, 2024
Section 5051 - Release of Performance Deposit
(a) The written authorization releasing a performance deposit or refund of deposits paid to the Committee will occur upon the Committee's receipt of a properly completed Report of Action Taken that is appropriate to the transaction type as required in section 5142, all filing fees as required in section 5054, and a digital copy of the conformed, recorded Bond Regulatory Agreement. The Committee Resolution shall provide the timeframe for using the Allocation and filing the required Report of Action Taken.
(b) In the case of a Qualified Residential Rental Project that also requests an allocation of state credit reserved for tax-exempt projects from the California Tax Credit Allocation Committee (CTCAC), the full release or refund of a performance deposit will be authorized if the Project Sponsor is able to demonstrate that the failure to use Allocation is solely due to the failure to receive an allocation of state tax credit.
(c) In the case of Mortgage Credit Certificates, the full release or refund of a deposit will not be authorized unless the Allocation has been converted to Mortgage Credit Certificate authority by the date specified in the Committee Resolution.
(d) Nothing in this section shall be construed to address the forfeiture of deposit relative to utilization of carryforward Allocations pursuant to section 5132.

Cal. Code Regs. Tit. 4, § 5051

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 A Certificate of Compliance must be transmitted to OAL by 1-10-2011 or emergency language will be repealed by operation of law on the following day.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 A Certificate of Compliance must be transmitted to OAL by 4-6-2011 or emergency language will be repealed by operation of law on the following day.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, amendment of subsection (a) and amendment of NOTE, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).
5. Amendment of subsection (a) 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) 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) 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(c), 8869.84(e) and 8869.90, 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, amendment of subsection (a) and amendment of Note, transmitted to OAL 6-2-2011 and filed 7-1-2011 (Register 2011, No. 26).
5. Amendment of subsection (a) 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) 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) filed 10-13-2017; operative 10/13/2017 pursuant to Government Code section 11343.4(b)(3) (Register 2017, No. 41).