Arkansas Code
Subchapter 6 - Allocation of State Ceiling
§ 15-5-604. Filing by issuer of reservation of volume cap and notice of issuance of bonds

(a) In order to reserve an allocation of the state ceiling to an issue of affected bonds prior to the issuance by delivery and payment of those affected bonds, a reservation filing by or on behalf of the issuer must be made with the President of the Arkansas Development Finance Authority not more than sixty (60) days prior to the projected issuance date of the affected bonds. Each reservation filing shall be assigned a priority number in accordance with § 15-5-607.
(b)
(1) Once accepted as a reservation of volume cap by the president pursuant to the rules of the authority, a reservation filing shall be effective to allocate state volume cap for purposes of compliance with federal tax law, subject only to the timely issuance of the affected bonds.
(2) The affected bonds shall be issued by delivery and payment within sixty (60) days after the date that the reservation filing is accepted as effective to allocate volume cap, unless:
(A) The deadline is extended pursuant to subsection (e) of this section;
(B) The reservation is accepted as effective to allocate volume cap on or after November 1, by December 31 of the applicable calendar year; or
(C) The issuer is granted permission by the president to carry forward the allocation pursuant to § 15-5-606.

(c) The issuance of the affected bonds shall be evidenced by the filing of a notice of issuance with the president. However, the failure to file such notice of issuance shall not affect the allocation of volume cap to affected bonds that have been otherwise timely issued pursuant to subsection (b) of this section.
(d)
(1) For reservation filings received by the president prior to September 1 of each calendar year, volume cap shall be reserved and allocated based on the priority number assigned in accordance with subsection (a) of this section.
(2) For reservation filings made on or after September 1 of each calendar year, or for reservation filings made once a volume cap shortage has been declared in accordance with the rules of the authority, volume cap shall be reserved and allocated in accordance with the rules of the authority.
(3) The authority shall promulgate rules to provide for the declaring of a volume cap shortage and to reserve and allocate volume cap in cases of a shortage declaration in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(e)
(1) In the event that an allocation expires by reason of failure to issue the affected bonds within the applicable period stated in subsection (b) of this section, a new filing shall be made that shall be accorded priority in accordance with its new time of filing.
(2)
(A) The president may extend the applicable period for issuing the affected bonds by up to sixty (60) days in accordance with the rules promulgated by the authority.
(B) The rules may provide for the payment by the issuer of a fee to extend the issuance period and may provide for the filing of an explanatory statement as to the reasons the affected bonds were not issued during the original applicable period.
(C) The authority shall promulgate rules to provide for extending the applicable period for issuing the affected bonds in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.