94- 457 C.M.R. ch. 203, § 6

Current through 2024-51, December 18, 2024

Section 457-203-6 - Reservations for Solid Waste Energy Projects

A. No more than 35 days before the scheduled date of closing of a series of bonds for a solid waste energy project, an issuer may provide the Authority with the following:

i. A copy of draft Form 8038 containing the following information: Issuer's name and address, Part I information, and Part V information,

ii. Certification of bond counsel to the issuer of the scheduled bond closing date,

iii. Certification of bond counsel to the issuer that the interest on the bonds will be exempt from Federal taxation under applicable law provided an allocation of the State ceiling is obtained, and

iv. The items described in subsection A, B, C and D of section 5, or satisfactory evidence that such items will be received within 35 days.

B. If requested by the issuer, following receipt by the Authority of the items described in Subsection A of this section 6, the Authority may reserve for the project for one or more periods not exceeding in total 35 days for any one project in any one calendar year, the lesser of the amount of the bonds or the amount remaining unallocated. or unreserved for other projects or categories of projects under the State ceiling, provided that in the event the Authority determines that the sum of the allocations expected to be requested for solid waste energy projects in any calendar year exceeds the allocation of State ceiling anticipated to be available for such projects in that calendar year, the Authority may, in its discretion, award the issuer a partial reservation based on the minimum amount necessary for the project to commence implementation without substantial financial prejudice, as reasonably determined by the Authority, or on such other equitable basis as the Authority may deem necessary or desirable.

C. [Deleted].

D. Reservations issued pursuant to this section prior to August 15, 1986 shall be of no force or effect.

E. In order to be considered as a potential issuer for purposes of this section or section 7.C, solid waste energy projects may notify the Authority of their intent to issue private activity bonds, which notice shall include the amount anticipated to be issued and a detailed schedule indicating steps remaining prior to anticipated closing. The Authority may require such further information as it deems necessary in order to determine when such project is likely to require an allocation.

94- 457 C.M.R. ch. 203, § 6