No. 30444: R199-9. Policy Concerning Enforceability and Taxability of Bonds Purchased

DAR File No.: 30444
Filed: 09/13/2007, 02:38
Received by: NL

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

The Permanent Community Impact Fund Board (CIB) provides loans and grants to state agencies and local governments which are socially or economically impacted by mineral resource development on federal lands. Rule R199-9 outlines the CIB's requirements regarding the legal opinions that must be submitted by borrowers in order to close on CIB loans. Authority for the CIB to issue administrative rules is contained in Section 9-4-305.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

The CIB has received no written comment regarding the five-year review period on this rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

Continuation of the rule allows the CIB to close on loans with assurances that federal and state statutory requirements for the issuance of public bond issues are being met.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Community and Culture
Housing and Community Development
324 S STATE ST
SALT LAKE CITY UT 84111-2388

Direct questions regarding this rule to:

Keith J Burnett at the above address, by phone at 801-538-8725, by FAX at 801-538-8725, or by Internet E-mail at [e-mail]

Authorized by:

Palmer DePaulis, Executive Director