Private Activity Bond Cap Allocation
In 2009 the state of Iowa received $273 million of volume cap (the "State Ceiling") for allocation to certain private activity bonds set forth in Section 146 of the Internal Revenue Code of 1986, as amended. Section 7C of the Iowa Code distributes the State Ceiling among these types of bonds.
APPLICATION PROCEDURES
An Application (Form A) must be completed and submitted to the Governor’s Designee in order to request a portion of the State Ceiling. Applications may be submitted anytime after the project has an inducement resolution from the Issuer. The amount of Bond Cap requested cannot be more than the amount of the inducement resolution. Submit the completed Form A to:
Iowa Finance Authority
2015 Grand Ave.
Des Moines, Iowa 50312
Attn: Community Development Director
Chapter 7C of the Iowa Code was amended in 2008. Effective July 1, 2008, eligible industrial, multifamily or solid waste projects requesting an allocation from the Iowa Finance Authority pursuant to 7C.4A(5) or 7C.4A(7) cannot receive an allocation of more than $10 million in any calendar year.
There was also a change in the time the allocation remains valid. After an allocation is made, the project now has 120 days - with a possible 30-day extension - in which to close the bonds.
A completed Response (Form B) will be sent to the applicant reporting when an allocation was made.
If an allocation is made and if Bonds are issued prior to the expiration date set forth in the Response, a representative of the Issuer must complete and return the Notice of Issuance and Delivery of Bonds (Form C) within ten (10) days of the delivery date for the Bonds. If the actual principal amount of Bonds is less than the amount of the allocation, the allocation is automatically reduced to the principal amount of the Bonds.
- 2009 Private Activity Bond Cap Allocation
- Administrative Rules
- Private Activity Bond Cap Allocation Application
- Form C
- 2009 Private Activity Bond Cap Applications Received
