Procedures for evaluating notices of intent to issue; confirmations; requirements; limitations.

(1)(a) All notices of intent to issue filed with the division must be evaluated for compliance with this part. Any notice of intent to issue that conforms to the requirements of s. 159.8051 is eligible to receive a confirmation and must be approved, subject to the availability of a sufficient amount of state volume limitation in the appropriate pool. Each business day, the division shall compute the state volume limitation in the pools for which approved notices of intent to issue were received on the previous business day. The division shall issue confirmations, subject to the availability of a sufficient amount of state volume limitation in the appropriate pool. The amount of confirmation, if there is sufficient state volume limitation available to the issuer in the appropriate pool, must be in the amount requested in the approved notice of intent to issue. If the amount of state volume limitation available to the issuer in the appropriate pool is less than the amount requested in the approved notice of intent to issue, the division must issue confirmations in the order of priority established in paragraph (b) until the available state volume limitation in each such applicable pool is exhausted. The division shall maintain continuous records of the cumulative amount of state volume limitation for which confirmations have been granted pursuant to this section.

(b) If the division determines that the aggregate amount of state volume limitation requested in notices of intent to issue received by noon of the previous business day exceeds the state volume limitation available to such issuers in the applicable pool, the division must assign a consecutive number to the notice of intent to issue requesting allocation from such pool, draw such numbers randomly to establish the priority of each such notice of intent to issue, and issue confirmations in the order of priority until the available state volume limitation in such pool is exhausted. If the amount of state volume limitation in the appropriate pool is insufficient to issue a confirmation in the amount requested for the prioritized notice of intent to issue, the division must issue a confirmation in the amount of the state volume limitation available and place the balance of the request on a pending list for such pool. The unfilled portion of any such notice of intent to issue and any notices of intent to issue for which there was insufficient state volume limitation to issue a confirmation must be placed on the pending list for the appropriate pool in the priority order established in this paragraph.

(c) To the extent that state volume limitation subsequently becomes available for allocation in a pool, notices of intent placed on the pending list for that pool pursuant to paragraph (b) must be given priority for the next available volume limitation for that year before any notices of intent to issue requesting allocation from that pool received by the division after that day’s random selection. On September 30 of each year, any unfilled notices of intent to issue on the pending lists for the economic development allocation pool or the affordable housing allocation pools must be rejected and the issuer may file a new notice of intent to issue with the division to request a confirmation from the state allocation pool to be considered pursuant to this subsection. On November 30 of each year, any unfilled notices of intent to issue on the pending lists for the state allocation pool must be rejected and the issuer may file a new notice of intent to issue with the division to request a carryforward confirmation to be considered pursuant to s. 159.8101(3).

(2) Each confirmation issued pursuant to s. 159.8061, s. 159.8062, s. 159.8063, or s. 159.8071 expires and ceases to be effective on November 30 of the year in which it was issued, unless the issuer obtains a carryforward confirmation pursuant to s. 159.8101(2).

(3) A confirmation only assures an issuer of an allocation of state volume limitation in such amount and for such purpose as set forth therein until the expiration thereof. Each confirmation granted pursuant to subsection (1) must include the following information:

(a) The issuer to which the allocation of state volume limitation is made.

(b) The amount of the allocation of state volume limitation granted to the issuer.

(c) The project and type of qualified bond for which bonds using such allocation of state volume limitation may be issued.

(d) The date on which the confirmation expires.

(e) A statement that the allocation of state volume limitation is conditional and may not be considered final until and unless the issuer files an issuance report pursuant to s. 159.8053.

(4)(a) A confirmation is effective as to private activity bonds issued in an amount less than the amount set forth in such confirmation only if the aggregate amount issued pursuant to such confirmation is not less than 90 percent of the amount set forth therein, together with the amounts of any carryforward confirmation an issuer has for such purpose and any supplementary confirmation, after subtracting any portion thereof which the issuer has elected to convert for the issuance of mortgage credit certificates.

(b) A confirmation is not effective as to private activity bonds issued in an amount in excess of the amount set forth in such confirmation. An issuer wishing to issue private activity bonds in an amount in excess of the amount set forth in a confirmation must obtain a supplementary confirmation before the issuance of such bonds by filing a supplementary notice of intent to issue with the division. A supplementary notice of intent to issue must specify the prior confirmation to which it applies and must also include all items required in s. 159.8051(2). Such supplementary notice of intent to issue must be filed in accordance with s. 159.814 by or on behalf of the issuer to whom the confirmation was issued. The division shall evaluate supplementary notices of intent to issue for compliance with this part, and, to the extent sufficient state volume limitation is available, the division shall issue a supplementary confirmation pursuant to subsection (1). The amount of state volume limitation allocated in a supplementary confirmation may be added to a prior confirmation for the same project to provide an aggregate allocation of state volume limitation for the issuance of private activity bonds for that project. A supplementary confirmation does not alter the expiration date of the initial confirmation.

(c) Upon the expiration of the confirmation, or at any time before such expiration that the issuer notifies the division that the allocation of state volume limitation in such confirmation is no longer necessary, the division shall cancel such confirmation and the allocation of state volume limitation provided therein must be made available for reallocation pursuant to this part.