10 CCR s 6060

Cal. Admin. Code tit. 10, s 6060

CALIFORNIA CODE OF REGULATIONS
TITLE 10. INVESTMENT
CHAPTER 8. CALIFORNIA INDUSTRIAL DEVELOPMENT FINANCING ADVISORY COMMISSION
ARTICLE 3. ACTIONS
This database is current through 01/05/07, Register 2007, No. 1.
s 6060. Receipt, Review and Determinations.

(a) The date of receipt of project information by the Commission shall be
the date when information of the nature described in Section 6050(c) of
this Article sufficient to enable Commission determinations pursuant to
Section 91531 of the Act has been received.

(b) The Commission shall notify the applicant and the Authority in writing
of the date of receipt of project information not later than seven (7)
days after the arrival of the project information at the office of the
Commission.

(c) The Commission shall review the project information as necessary to
determine the compliance of the project with the criteria set forth in
Section 91531. The Commission may, however, with regard to the
determination of project compliance with the criteria specified in
paragraph (b) (3) of Section 91531, accept certifications made by the
Authority submitting the project information, bond counsel, purchaser, or
such other certifications as the Commission may require for the proposed
issuance of bonds in conjunction with the undertaking of he project.

(d) The Commission shall, on the basis of its review of the submitted
project information, make express findings in writing as to its
determination of the compliance of a project with the criteria set forth
in Section 91531.

(e) With regard to the determination, identified in Section 91531(b)(3)
the Commission may impose a condition or conditions on qualification of a
proposed issuance of bonds if it finds that without such condition(s) the
issuance will be unfair, unjust or inequitable to a purchaser of the
bonds.

(f) Written notification of the determinations of the Commission shall be
given to the Authority and the applicant which submitted the project
information. The Commission may, if requested by the Authority submitting
the project information (which request shall be accompanied by a written
approval of the extension of the period of Commission jurisdiction in
making the determinations required by Section 91531), delay the provision
of a finding regarding compliance with the criterion set forth in Section
91531(b)(3) until such time as will facilitate the Authority's proposed
issuance of bonds.

(g) Determinations of the Commission with regard to project compliance
with criteria set forth in Section 91531 shall be final and conclusive.

(h) Having made its Determinations, conditionally or otherwise, the
Commission will not suspend or revoke any qualification of the bonds, once
the bonds have been sold, absent extraordinary circumstances.

(i) In addition to the other requirements of the Act, the Commission in
reviewing Applications for Financing may take into consideration such
factors as: location of the proposed project; nature of the proposed
project; time of receipt of request for financing; and any other factors
the Commission may deem appropriate. Priority shall be given to projects
which achieve maximum realization of public benefit.

Note: Authority cited: Section 91557, Government Code.
Reference: Sections 91501, 91531 and 91536, Government Code.

10 CCR s 6060, 10 CA ADC s 6060
1CAC

10 CA ADC s 6060

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