A confirmation is effective as to bonds or mortgage credit certificates issued in lesser amounts than the principal amount set forth in the confirmation, but for bonds issued after 5:00 p.m. June 1, if the principal amount of bonds issued is less than the principal amount set forth in the confirmation, a fee of one percent of the difference between the confirmation and the principal amount of the bonds shall be paid to the authority on filing the certificate of closing unless the direct beneficiary of the bond proceeds is this state or a county, city, town or nonprofit entity, the issuer is a student loan corporation or the project includes urban development action grant or housing development grant financing, is a project described in section 1317(3)(N) of the tax reform act of 1986, is a qualified mortgage revenue bond or is a qualified mortgage credit certificate program. The failure to make such payment within ten days after the filing shall result in a retroactive cancellation of the allocation and the barring of the direct private obligor from any future allocations.

Terms Used In Arizona Laws 35-908

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Authority: means the Arizona finance authority established by Title 41, Chapter 53, Article 2. See Arizona Laws 35-901
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bond: means any obligation that is subject to the provisions of section 146 of the code, excluding obligations that received a carry-forward allocation in a prior year. See Arizona Laws 35-901
  • Certificate of closing: means the certificate of closing adopted for use by and to be filed with the authority declaring that bonds were issued or that a qualified mortgage credit certificate program has been established. See Arizona Laws 35-901
  • Confirmation: means the allocation confirmation that confirms an allocation to a project in the form adopted for use by the authority. See Arizona Laws 35-901
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Issued: means , with respect to a bond or bonds, either of the following:

    (a) The bond or bonds have been delivered and paid for in full. See Arizona Laws 35-901

  • Issuer: means an entity or person issuing bonds. See Arizona Laws 35-901
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage credit certificate: means a certificate as described in section 25(c)(1) of the code. See Arizona Laws 35-901
  • Project: means a qualified mortgage credit certificate program or any construction, acquisition, planned expenditure or other activity, including all phases of a multiphased project that requests allocations in the same year and including costs of issuance, capitalized interest and discounts, financed with bonds and located in this state or directly benefiting residents of this state. See Arizona Laws 35-901

 

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