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05/09/84
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05/09/84
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Meetings
Meeting Document Type
Agenda
Document Title
Economic Development Commission
Document Date
05/09/1984
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The Issuer's application for this final allocation must be made <br />I by October 20 and must be accompanied by a preliminary <br /> resolution of intent to issue IDBs for a mpecific project by <br /> <br />the end of the year (or different federal ti~e period) and the <br /> <br />I 1% application deposit. EED will notify applicants by November <br /> 5, or later if any authority becomes available. <br /> <br /> c u ov , , ,rxo <br /> <br />For a return of 1/3 of the application deposit, an <br /> <br /> issuer can, by December 20, return an allocation it will not <br />I These amounts will be reallocated (by lot or other agreed <br /> use. <br /> method if insufficient for all carryover projects) by December <br /> <br />I <br />I <br /> <br />31 among issuers applying by December 10 for projects certified <br />to qualify for federal carryover treatment (and thus to use the <br />allocation for IDBs issued after year end). <br /> <br />NOTICE OF XSSU~ <br /> <br /> I <br /> I <br />I <br /> I <br /> I <br /> I <br /> <br /> Within 5 days after issuing IDBs, issuers must give <br />the EED notice stating the date of issuance, the allocation <br />under which issued and the principal amount of such IDBs. If <br />notice is not so filed, the IDBs shall be void unless the EED <br />Commissioner waives this provision. <br /> <br />ADDXTXONALCONDXTXONSON PROJECTS <br /> <br />I If a federal limitation act is adopted, effective 90 <br /> days after its signing by the President or passage over has <br /> <br />veto, Chapter 474 projects which are subject to the limitations <br /> <br />i contained therein shall be subject to certain condit%ogs <br /> similar to those of H.R. 4170, ~nd t~e fqllow%n~ addztxonal <br /> conditions: (a) the governing body of the issuer must find <br /> that a project (other than under §474.02, Subd. If) would not <br />I be undertaken but for the availability of IDB and <br /> financing; <br /> (b) no more than 10% of the IDB proceeds may be used to finance <br /> movable equipment not constituting a fixture. <br /> <br />5 <br /> <br /> <br />
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