Current through Bulletin 2024-06, March 15, 2024
(1) To qualify
applicants shall provide:
(a) at least five
individual rural investments of $5,000,000 or less as part of the $50,000,000
total investments in nonpublic companies located in counties with fewer than
50,000 inhabitants; and
(b) the
most recent Annual Determination letter from the office documenting the
creation of at least 117 jobs from the 2017 Rural Jobs Act, if the applicant
was approved during the November 1, 2017 application process.
(2) For any applications received
on the same day:
(a) If there is additional
investment authority to allocate after considering the applications received on
the same day of submissions, then those applications will be considered on a
first come first served basis until the total investment authority of
$42,000,000 has been allocated, except as outlined in Subsection
63N-4-303(8);
and
(b) If there is no additional
investment authority to allocate after considering the applications received on
the same day of applications, then the applicants who were not considered will
be notified of eligibility approval and these applicants will stand in a first
come first served basis for any recaptured allocation that may occur during the
program, except as outlined in Subsections
63N-4-303(8)
and
63N-4-305(4).
(3) Notice of Allocation Approval
shall be delivered through electronic mail and be considered received at the
time stamp within the electronic mail notice, not when it is read.
(4) If an approved applicant withdraws its
request for investment authority after an allocation is made, the amount
allocated to the withdrawing applicant will be redistributed to approved
applicants that have not yet received the full amount of their requested
investment authority on a pro rata basis. If all approved applicants have
received the full amount of their requested investment authority, then other
eligible applicants may be approved and receive allocations;
(a) approved applicants will be notified of
an additional investment authority amount in writing. The applicant will have
ten days to either accept the additional investment authority or decline the
additional investment authority. Failure to accept in writing will be deemed a
declination of additional investment authority;
(b) if the additional investment authority is
declined, the amount will be redistributed to the remaining approved applicants
that have not received the full amount of their requested investment authority
and if none then to other approved applicants; and
(c) timing of issuance of additional
investment authority: Any additional amounts received by approved applicants
who have already received an allocation of investment authority shall have a
new independent timeline from the original allocation amount unless the
approved applicant requests to aggregate the timelines as set forth in
Subsections R357-21-5(4)(c)(i), (ii), and (iii):
(i) an applicant receiving additional
investment authority may request to have the additional amount aggregated with
the initial allocation by making such a request on official letter head to the
office and by agreeing to waive the independent timeline of the additional
investment authority amount;
(ii)
if aggregation of an original allocation amount with an additional investment
authority allocation amount may occur without violating the Utah Rural Jobs Act
or this rule, the office will approve the request to aggregate the allocations;
and
(iii) if the allocations are
aggregated, allocations shall be subject to the deadline for the original
investment authority allocation.
(5) Once the maximum amount of funding has
been allocated, applicants will be notified that there is no other allocation
amount available for the fiscal year unless or until an applicant's
certification lapses, an applicant withdraws its request, or if funding is
recaptured.
(6) A partnership,
limited liability company or S-corporation will be considered a claimant and
may file the affidavit set forth in Subsection
63N-4-303(2),
provided it includes a list of its partners, members, or shareholders and one
of its partners, members, or shareholders has state tax liability. No penalty
or fine will be assessed on a claimant that fails to make the investment set
forth in an affidavit.
