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Delaware General AssemblyDelaware RegulationsMonthly Register of RegulationsFebruary 2017

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1 DE Admin. Code 401
Pursuant to 29 Del.C. §5053(k), The Delaware Economic Development Authority (the "Authority") is authorized to prescribe such regulations as may be necessary to carry out the purposes of the act creating the Authority, 29 Del.C. Ch. 50 (the "Act"). The purpose of this Regulation is to regulate the administration of the Act, including, but not limited to, regulation of the process for applying to the Authority for the issuance of Bonds and the Authority's approval of such applications. Having provided due public notice, the Authority adopts the attached Regulation published in the November 1, 2016 edition of the Delaware Register of Regulations for the reasons that follow.
3. This amendment focuses on non-rated or below investment grade Non-State Guaranteed Bond offerings. The regulation amends 17 DE Reg. 90 (07/01/13) to require the Authority to consult a qualified independent investment advisor to assess the financial viability of applications for bonds. However, the Chairperson of the Authority retains discretion to waive this requirement if the proposed bond offering is projected or rated above BBB- by a nationally recognized rating agency, or a bank is underwriting the offering.
5. The proposed Regulation was published in the Register of Regulations on November 1, 2016. For a period of thirty (30) days following publication, the public had the opportunity to offer written comment.
5. This Regulation is promulgated under the authority granted to the Authority by 29 Del.C. §5053(k) and the Delaware Administrative Procedures Act, 29 Del.C. Ch. 101.
Having found that the proposed changes to the regulations are necessary as outlined herein, the Authority finds that the Regulation shall be adopted as final in the form as proposed. The exact text of the regulations as appeared in the Delaware Register of Regulations is attached to this order. These changes will become effective ten days following publication of this order in the Delaware Register of Regulations in February 2017.
IT IS SO ORDERED this 5th day of January 2017 by the Delaware Economic Development Authority.
Pursuant to 29 Del.C. §5053(k), The Delaware Economic Development Authority (the "Authority") is directed to prescribe such regulations as may be necessary to carry out the purposes of the act creating the Authority, 29 Del.C. Subch. IV (the "Act"). The following regulations have been adopted by the Authority pursuant to the foregoing provision of the Act.
4.1 An application to the Authority for the approval of the issuance of a Bond shall be made on the application form provided by the Authority and must be completed according to the requirements stated therein. One (1) original and nine (9) copies of the completed application should be submitted to the Authority on or before the first (1st) day of the month preceding the month during which the council on Development Finance ("Council") will be asked to review an application. For example, for an application to be eligible for review by the Council at a May meeting, it should be submitted to the Authority on or before April 1.
4.2 The Authority shall consult a qualified independent financial advisor to assess the financial viability of Non-State Guaranteed Bond applications prior to the application being forwarded to the Council. In the event that the proposed Non-State Guaranteed Bond offering is projected or rated above BBB- by a nationally recognized rating agency, or a bank is underwriting the offering, the Chairperson may waive this requirement.
Last Updated: December 31 1969 19:00:00.
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