§ 63M-1-1221. Use of commitments to redeem certificates.

(1) The board may elect to draw on a commitment to redeem a certificate from a designated investor.

(2) If the board makes an election under Subsection (1), it shall:

(a) inform the designated purchaser of the amount of the contingent tax credit that must be purchased from the board;

(b) specify the date on which the purchase must be consummated; and

(c) use the funds delivered to the board by the designated purchaser to redeem the certificate from the designated investor.

(3) The board has discretion in determining which commitment or commitments and what portion of those commitments to use to redeem certificates.

(4) The contingent tax credits acquired by a designated purchaser under this section are subject to Section 63M-1-1218.

Renumbered and Amended by Chapter 382, 2008 General Session