Kan. Admin. Regs. § 110-2-1

Current through Register Vol. 43, No. 49, December 5, 2024

Section 110-2-1 - Application process

(a) Application to become a certified Kansas local seed capital pool shall be made upon the application form furnished by the secretary of the department of commerce.

(b) Each application form shall be signed by an authorized officer or partner, and shall contain, as a minimum, the following information:

(1) the full, legal name of the company;

(2) the address of the applicant's principal office in the state;

(3) the names and addresses of the applicant's directors, officers, general partners or managing partners;

(4) a certified copy of the certificate of incorporation and articles of incorporation, or a certified copy of the certificate of formation of partnership;

(5) adequate proof of a minimum level of $200,000 capitalization as required by L. 1987, Chapter 365, Section 2(b) and the level of capitalization the company expects to qualify for tax credits;

(6) the source of money necessary to administer and operate the pool;

(7) the business history of the applicant; and

(8) a statement of assurances which provides that:

(A) the applicant's purpose is to encourage and assist in the creation, development, and expansion of Kansas businesses and to provide maximum opportunities for the employment of Kansans by making seed capital available to Kansas businesses;

(B) the funds invested by the local seed capital pool will be invested at 100 percent in Kansas businesses;

(C) the company will operate under the definition of a local seed capital pool in L. 1987, Chapter 365, Section 1(c);

(D) the public funds invested in a local seed capital pool will have a senior position to any private cash investment and that each cash dollar of public investment will be matched by at least two dollars of private cash investment; and

(E) the applicant will disclose to all investors that the state of Kansas can not be held liable for damages to an investor in a local seed capital pool, as provided in L. 1987, Chapter 365, Section 6.

(c) If an application is incomplete, the applicant, upon notification by the department, shall submit the required information within 10 working days. If the required information is not received within this time period, the application for certification shall be refused. Upon refusal of certification, a subsequent complete application for certification may be submitted.

(Authorized and implementing L. 1987, Ch. 365, Sec. 2; effective, T-88-53, Jan. 1, 1988; effective May 1, 1988.)

Kan. Admin. Regs. § 110-2-1