1998 Minnesota Statutes

     474A.131 Notice of issue and notice of carryforward. 

    Subdivision 1.    Notice of issue.  Each issuer that 
 issues bonds with an allocation received under this chapter 
 shall provide a notice of issue to the department on forms 
 provided by the department stating: 

    (1) the date of issuance of the bonds; 

    (2) the title of the issue; 

    (3) the principal amount of the bonds; 

    (4) the type of qualified bonds under federal tax law; and 

    (5) the dollar amount of the bonds issued that were subject 
 to the annual volume cap.  

    For obligations that are issued as a part of a series of 
 obligations, a notice must be provided for each series.  A 
 penalty of one-half of the amount of the application deposit not 
 to exceed $5,000 shall apply to any issue of obligations for 
 which a notice of issue is not provided to the department within 
 five business days after issuance or before the last Monday in 
 December, whichever occurs first.  Within 30 days after receipt 
 of a notice of issue the department shall refund a portion of 
 the application deposit equal to one percent of the amount of 
 the bonding authority actually issued if a one percent 
 application deposit was made, or equal to two percent of the 
 amount of the bonding authority actually issued if a two percent 
 application deposit was made, less any penalty amount. 

    Subd. 1a.    Certificate of notice.  If an allocation 
 received under this chapter is used for mortgage credit 
 certificates, a certificate notice must be submitted to the 
 department on forms provided by the department stating the date 
 of the filing of the election not to issue bonds as provided 
 under section 25, paragraph (c), of the Internal Revenue Code 
 and the amount of allocation authority to be used under the 
 program. 

    A penalty of one-half of the amount of the application 
 deposit not to exceed $5,000 shall apply to any mortgage credit 
 certificate program for which a certificate notice is not 
 provided to the department within five days of the date of the 
 filing of the election not to issue bonds or before the last 
 Monday in December, whichever occurs first.  Within 30 days 
 after receipt of a certificate notice the department shall 
 refund a portion of the application deposit equal to one percent 
 of the amount of the bonding authority to be used for the 
 mortgage credit certificate program, less any penalty amount. 

    Subd. 2.    Carryforward notice.  If an issuer intends 
 to carry forward an allocation received under this chapter, it 
 must notify the department in writing before the last Monday of 
 December.  

    Subd. 3.    Irrevocable allocation.  The department may 
 not revoke an allocation received under this chapter after 
 receiving a notice of issue or certificate notice from the 
 issuer.  

    HIST: 1987 c 268 art 16 s 33; 1990 c 552 s 20; 1991 c 346 s 
 25; 1994 c 527 s 11,12; 1995 c 167 s 14; 1996 c 362 s 12,13; 
 1997 c 169 s 8,9