R990-200-7. Extensions

  (1) A recipient that has not closed its volume cap allocation within 95 calendar days of the date of Board of Review approval may request an extension from the Board of Review.

  (a) Manufacturing projects, qualified redevelopment projects, and exempt facility projects are not eligible to carry forward their volume cap allocation beyond the end of the calendar year in which they received the allocation. The bonds must close by the third Saturday in December in the same year the recipient received the allocation. Any volume cap not issued by this date is automatically relinquished back to the Board of Review.

  (b) The Board of Review makes no representation as to whether an issuer will allow the allocation to be transferred to another project if the previously approved transaction fails.

  (2) A recipient requesting an extension of a previously approved and current volume cap allocation shall submit a completed extension form to the Private Activity Bond program staff no later than 21 calendar days before the Board of Review meeting.

  (3) An extension request will not be presented to the Board of Review if the request for an extension is received more than 20 months after the initial allocation.

  (4) An extension request will not be presented to the Board of Review unless the recipient's account is in good standing.

  (5) An extension request for a second or more extension will be evaluated, scored, and considered by the Board of Review, subject to the provisions of R990-200-7(8).

  (6) An extension approval may not exceed ninety-five (95) calendar days or until the date of the next Board of Review meeting, whichever is sooner.

  (7) A recipient requesting a second or more extension shall submit a completed extension request status report and extension fee, no later than 21 calendar days before the Board of Review meeting, on the form provided on the website of the Board of Review, together with each request.

  (a) Private Activity Bond program staff shall perform a comprehensive progress review before the Board of Review meeting where an extension will be considered, and shall prepare a recommendation.

  (b) The applicant may be required to reapply after the third extension review if there is no substantial evidence of being able to close the bonds.

  (8) A recipient may not receive more than five extensions. A request for a sixth or more extension will not be presented to the Board of Review, and the previously allocated volume cap shall be revoked.

  (9) A recipient requesting an extension shall attend the Board of Review meeting, prepared to update the Board of Review on the progress of the development and answer any questions

  (10) A City or County issuer may submit a request for a Carryforward Certificate no later than 21 calendar days before the December Board of Review meeting.

  (11) A City or County issued a Carryforward Certificate shall comply with the extension request requirements for each three month period after an allocation has been made to a project, including but not limited to:

  (a) attendance at each Board of Review meeting, prepared to update the Board of Review on the progress of the development and answer any questions, and

  (b) submission of a complete comprehensive progress report.

  (12) Allocations to the Utah Housing Corporation, a municipality, a county, or a public university may be extended for no more than three years.

  (a) Allocations that are not issued in the same calendar year may be carried forward but may not be extended.

  (13) The Board of Review reserves the right to approve or reject an extension or Carryforward certificate in accordance with the criteria established by this Rule.

  (14) In the event an extension or Carryforward Certificate request is untimely, denied by the Board of Review in its sole discretion, or otherwise not presented to the Board of Review in accordance with these Rules, the allocation shall be revoked.