To secure approval of a proposal to issue industrial revenue
bonds (Sections
4-29-10, et seq),
pollution control bonds (Sections
48-3-10,
et seq), or hospital revenue bonds (Sections
44-7-1410,
et seq), the following must be submitted as a package to the Budget and Control
Board (the Board):
A. An executed
original and two copies of the petition to the Board which may include a
request for the allocation of a portion of the State Ceiling on the issuance of
private activity bonds and the no consideration certificate required by the
Internal Revenue Service in connection with such allocations.
B. An executed copy of the resolution or
ordinance of the governing body authorizing a petition to the Board.
C. An executed copy of the inducement
resolution or comparable preliminary approval of the proposed undertaking, if
any.
D. Audited financial
statements of the entity obligated to pay the bonds covering at least three
prior fiscal years except that, in any case where the bonds are to be sold
privately, a representation from the person or institution purchasing the bonds
that satisfactory financial information has been provided by that entity and
that the bonds are being purchased for investment rather than resale purposes
may be submitted in lieu of audited financial statements. Use of the Board's
Standard Form Investment Letter for that representation is urged.
E. The required certifications by the
Department of Health and Environmental Control must accompany petitions for the
issuance of pollution control and hospital revenue bonds.
F. An original and as many copies as bond
counsel may need of the resolution proposed for adoption by the Board, which
must include the proposed public notice, to be certified by the Board
Secretary.
G. A check for the
processing fee in accord with the following schedule:
|
$1,000,000 or less
|
$2,000
|
|
Over $1,000,000 through $25,000,000
|
$3,000
|
|
Over $25,000,000 through $50,000,000
|
$4,000
|
|
Over $50,000,000
|
$5,000
|
If a request is only for an allocation of a portion of the
State Ceiling on the issuance of private activity bonds, only the documents
described in A and C, above, are required.
