<html> <head> <title>Rule 12:22:01:08 Application procedures.</title> <META NAME="Keywords" Content="Administrative Rules 12:22:01:08"> <META NAME="Description" Content="Administrative Rules 12:22:01:08 Application procedures."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>12:22:01:08.&nbsp;&nbsp;Application procedures.</b> The eligible applicant must obtain an application from the authority and submit the completed application along with the required application fee to the authority. The authority's legal counsel shall review the application to determine if the project qualifies. The authority staff shall review the application to determine if program requirements are met. If the project qualifies and program requirements are met, the staff shall forward the application to the authority board of directors. The board shall consider the application at its monthly meeting. If the project meets the authority's requirements, the board shall consider the adoption of an intent resolution. An intent resolution is not final approval and does not bind the authority to issue bonds. The applicant shall contact a financial institution or an underwriter and make arrangements for the structuring and purchase of the tax-exempt bonds. When the terms of the financing are known, the authority's bond counsel shall draft the necessary documentation for the financing. An allocation from the state volume cap may be required from the Governor for a bond issued which constitutes a private activity bond.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 23 SDR 161, effective April 7, 1997.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-24">1-16E-24.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-7">1-16E-7</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-24">1-16E-24.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Cross-Reference:</b> Public hearing -- Approval of bond issuance, &nbsp;12:22:01:09.</p> </div> </body> </html>