Current through all regulations passed and filed through December 16, 2024
(A) Evidence of
filing. The director shall
note on all notices of intent and notices of
issuance the date of receipt by the director's office, and such
noted
date shall be conclusive evidence of the date such notices are received by the
director's office.
(B) Record of
confirmations. The director shall maintain continuous and cumulative records of
the amounts of restricted bonds as to which confirmations have been given and
notices of issuance received under this chapter. Confirmations under this
chapter shall be dated and numbered by the director.
(C) Form and manner. Notices of intent,
confirmations, notices of issuance, receipts, questionnaires, and
certifications shall be made and given in the form and manner prescribed by the
director, which shall be devised so as to discourage notices of intent which
are premature or excessive. Notices of intent shall be accompanied by such
additional items and information as the director may from time to time require
by instructions or otherwise. The director may from time to time alter the
forms and change the requirements for accompanying material or vary them for
different types of bonds as he deems appropriate in the circumstances.
Confirmations may be issued of shorter duration than provided in rule
122-4-03
of the Administrative Code if, and during such periods as is advisable, in the
judgment of the director upon guidance from the select committee, confirmation
of a shorter duration would enhance maximum utilization of the state ceiling.
The director may do all other things necessary or desirable to carry out the
purposes of this chapter and of section
133.021 of the Revised Code,
including such alterations of the system provided under this chapter as may be
necessary to conform the system to any requirements under the Internal Revenue
Code in order to constitute an effective alternative formula of the state for
allocating and assigning the state ceiling. The director may provide for the
issuance of receipts and for certifications regarding the aggregate amounts of
effective confirmations on restricted bonds and any othr certifications as may
be appropriate under the Internal Revenue Code. The director shall interpret
this chapter in such manner as to effectuate the purposes of section
133.021 of the Revised Code.
Because of the need for certainty at all times in all matters of allocations
made of the state ceiling to particular issues of bonds, all determinations by
the director under this chapter (including the issuance, deferral or denial of
confirmations) shall be final and are not subject to appeal. None of the
determinations by the director under this chapter involves an adjudication
order within the meaning of section
119.06 of the Revised
Code.
(D) Fees.
(1)
No fee will be
required to be paid by the Ohio housing finance agency in connection with an
allocation of the set-aside described in paragraphs (A)(1) and (A)(2) of rule
122-4-02
of the Administrative Code. A notice of intent filed for an allocation
from the set-asides described in paragraphs (A)(2), (A)(3), (A)(4) and (A)(5)
of rule
122-4-02
of the Administrative Code will not be deemed to be filed until and unless a
fee in an amount equal to the lesser of three-quarters of one per cent of the
amount requested in the notice of intent or one hundred fifty thousand dollars,
plus one thousand dollars is received by the director with respect to that
notice of intent. The amount of the fee equal to the lesser of three-quarters
of one per cent of the amount requested in the notice of intent or one hundred
fifty thousand dollars will be refunded within thirty days after the earlier of
(a) the determination that a confirmation will not be issued pursuant to
paragraph (E)(3) of rule
122-4-02
of the Administrative Code for the notice of intent and provided that no
request for reconsideration is submitted as provided in paragraph (E)(4) of
rule
122-4-02
of the Administrative Code, or (b) (i) a notice of issuance for an effective
confirmation is received by the director or (ii) in connection with an issuance
of escrow bonds, a notice of escrow release is received by the director. If a
request for reconsideration of a notice of intent is submitted to the director
as provided in paragraph (E)(4) of rule
122-4-02
of the Administrative Code, the amount of the fee equal to the lesser of
three-quarters of one per cent of the amount requested in the notice of intent
or one hundred fifty thousand dollars will be refunded within thirty days after
the earlier of the determination that a confirmation will not be issued
pursuant to paragraph (E)(3) of rule 122-4-02 of the Administrative Code
following reconsideration of the notice of intent in subsequent round of
allocations for the set-aside provided in paragraphs (A)(2), (A) (3) and (A)(5)
of rule
122-4-02
of the Administrative Code; a notice of issuance for an effective confirmation
is received by the director in connection with an issuance of escrow bonds, a
notice of escrow release is received by the director. The amount of the fee
equal to one thousand dollars will not be refunded under any
circumstances.
(2) A notice of
intent filed for an allocation from the set-asides described in paragraph
(A)(6) of rule
122-4-02
of the Administrative Code will not be deemed to be filed until and unless a
fee in a amount equal to the lesser of three-quarters of one per cent of the
amount requested in the notice of intent or one hundred fifty thousand dollars,
plus a filing fee not to exceed one thousand dollars is received by the
director with respect to that notice of intent. The amount of the fee equal to
the lesser of three-quarters of one per cent of the amount requested in the
notice of intent or one hundred fifty thousand dollars will be refunded within
thirty days after the earlier of (a) the determination that a confirmation will
not be issued pursuant to paragraph (A)(6) of rule
122-4-02
of the Administrative Code for the notice of intent, or (b) (i) a notice of
issuance for an effective confirmation received by the director or (ii) in
connection with an issuance of escrow bonds, a notice of escrow release is
received by the director. The amount of fee equal to one thousand dollars will
not be refunded under any circumstance. Notwithstanding the
foregoing, the Ohio housing finance agency will not be required to pay the fees
contemplated by this paragraph.
(3) If a confirmation is issued pursuant to
paragraph (D) or (E) of rule
122-4-02
of the Administrative Code for only a portion of the amount requested in a
notice of intent, the borrower of the proceeds of the related bonds may elect
within ten days after the confirmation is issued to:
(a) Decline to accept the confirmation and
the amount of the fee equal to the lesser of three-quarters of one per cent of
the amount requested in the notice of intent or one hundred fifty thousand
dollars will be refunded within thirty days after a written election is filed
with the director, or
(b) Accept
the confirmation and an amount equal to the difference between (x) the lesser
of three-quarters of one per cent of the amount requested in the notice of
intent or one hundred fifty thousand dollars, whichever was paid, and (y) the
lesser of three quarters of one per cent of the amount for which the
confirmation is issued or one hundred fifty thousand dollars, will be refunded
after a written election is filed with the director. If the confirmation is
accepted pursuant to this paragraph, the fees related to that confirmation will
be governed by paragraphs (D)(1) to (D)(2) of this rule.
(c) The amount of the fee equal to one
thousand dollars required by paragraphs (D)(1) and (D)(2) of this rule will not
be refunded regardless of the borrowers' election under paragraph (D)(3)(a) or
(D)(3)(b) of this rule.
(4) A request for an extension of a
confirmation pursuant to paragraph (C) of rule
122-4-03
of the Administrative Code will not be deemed filed until and unless an
additional fee in an amount equal to the lesser of three-quarters of one per
cent of the amount requested in the original confirmation or one hundred fifty
thousand dollars is received by the director, except
that such fee will not be required of the Ohio housing finance agency.
The fee required by this paragraph will be refunded within thirty days after a
notice of issuance of an effective confirmation is received.
(5) Except as provided in paragraphs (D)(1)
to (D)(4) of this rule, refunds of fees received
by the director in connection with allocations from the set-asides described in
paragraphs (A)(2), (A)(3), (A)(4) (A)(5) and (A)(6) of rule
122-4-02
of the Administrative Code will be made in the director's
discretion.
(6) Fees required
by paragraphs (D)(1), (D)(2), and (D)(4) of this rule, or by paragraph (A)(3)
of rule
122-4-05
of the Administrative Code may be paid in the form of a check, draft, money
order, or the like, payable to "
Treasurer of State of Ohio" followed by the name
of the individual then holding the office of Ohio treasurer.
If such payment is not good, the filing
with respect to which the fee pertains will be deemed not to be made and any
confirmation issued pursuant to the notice of intent will be void unless the
director otherwise determines in writing upon receiving good payment of the
fee. Fees refunded pursuant to this rule shall be only for the amount of the
fee required. No interest, investment earnings or investment loss shall be
attributable to such fees.
(7)
No fees required by paragraph (D) of this rule will be
applicable to the Ohio housing finance agency in connection with an allocation
of the set-aside described in paragraphs (A)(1) and (A)(2) of rule
122-4-02
of the Administrative Code or in connection with a carryforward confirmation
under rule
122-4-05
of the Administrative Code.
