R357-21-5. Applications

  (1) Receipt of Applications: All applications received on or before 11:59 pm on November 1, 2017 shall be considered received on November 1, 2017.

  (a) For the purposes of the evidence required to qualify applicant is encouraged to show at least 5 individual rural investments, of $5,000,000 or less, as part of $50,000,000 total investments in nonpublic companies located in counties with fewer than 50,000 inhabitants.

  (2) Priority of Applications for Certification: For all applications received on the same day,

  (b) If there is additional investment authority to allocate after considering the applications received on the first day of submissions, then those applications will be considered on a first come first served basis until the total investment authority of $42,000,000 has been allocated, except as outlined in 63N-4-303(8).

  (c) If there is no additional investment authority to allocate after considering the applications received on the first day of applications, then the applicants who were not considered will be notified of eligibility approval and these applicants will stand in a first come first served basis for any recaptured allocation that may occur during the course of the program, except as outlined in 63N-4-303(8) and 63N-4-305(4).

  (3) Notice of Allocation Approval shall be delivered through electronic mail and be considered received at the time stamp within the electronic mail notice, not at the time it is read.

  (4) Additional Allocation: If, after an allocation is made, an applicant withdraws its request for investment authority, the amount that was allocated to the withdrawing applicant will be redistributed to any approved applicant that has not received the full amount of its requested investment authority on a pro rata basis with all approved applicants that have not received the full amount of their requested investment authority. If there are no approved applicants that have not received the full amount of their requested investment authority then other approved applicants may receive allocations, using the same priority and method as set forth in within this rule and the Utah Rural Jobs Act.

  (a) Approved applicants will be notified of an additional investment authority amount in writing. The applicant will have ten (10) days to either accept the additional investment authority or decline the additional investment authority. Failure to accept in writing will be deemed declination of additional investment authority.

  (b) If the additional investment authority is declined, the amount will be redistributed to the remaining approved applicants that have not received the full amount of their requested investment authority and if none then to other approved applicants.

  (c) Timing of issuance of additional investment authority: Any additional amounts received by approved applicants who have already received an allocation of investment authority shall have a new independent timeline from the original allocation amount unless the approved applicant requests to aggregate the timelines as set forth below:

  (i) An applicant receiving additional investment authority may request to have the additional amount aggregated with the initial allocation by making such a request on official letter head to the office and by agreeing to waive the independent timeline of the additional investment authority amount;

  (ii) If aggregation of an original allocation amount with an additional investment authority allocation amount may occur without violating the Utah Rural Jobs Act or this Rule, the Office will approve the request to aggregate the allocations; and

  (iii) If the allocations are aggregated, all allocation shall be subject to the deadline for the original investment authority allocation.

  (5) Notification of Maximum Funding Allocation: Once the maximum amount of funding has been allocated, applicants will be notified that there is no other allocation amount available for the fiscal year unless or until: an applicant's certification lapses, an applicant withdraws its request, or if funding is recaptured.

  (6) A partnership, limited liability company or S-corporation will be considered a claimant for purposes of the Act and may file the affidavit set forth in Subsection 63N-4-303(2), provided it includes a list of its partners, members or shareholders and one of its partners, members or shareholders has Utah state tax liability. No penalty or fine will be assessed on a claimant that fails to make the investment set forth in an affidavit.