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PDFWAC 365-135-060

Criteria for small issue (industrial revenue) bonds.

In addition to the statute, the following guidelines will be used as criteria for evaluating small issue requests:
(1) Until June 1 of each year, a minimum percentage of the ceiling available for small issues will be set aside for issuers in those locations which BCAP designates by certain geographic and distress indicators, as follows:
Allocation set-aside
15% or greater
15% or greater
10% or greater
(2) In evaluating the number of jobs created or retained a project would offer in relationship to the dollars which would be allocated from the ceiling, priority will be given to those projects, relative to their appropriate designation, which do not exceed the following ratios for dollars allocated per job:
$ (in thousands)
per job offered
(3) The program will consider the number and type of jobs that will be created or retained. Projects that create new jobs will, in general, have priority over others. Projects that involve relocation from one part of Washington to another will, in general, have a lower priority than those that create net new jobs, unless the relocation was caused through displacement for other job creating or economic development activity.
(4) Projects that involve the creation of semiskilled and skilled jobs as well as unskilled jobs, or that will provide special training and promotion opportunities to employees, will have priority over those that do not. Projects that will be located in enterprise communities, neighborhood empowerment zones, or distressed areas will be accorded priority over other projects.
(5) Priority will be given to projects that result in publicly owned facilities over privately owned facilities.
(6) If the department finds that a particular project does not meet the guidelines in this section, but is nonetheless in the best interest of the state, the department may approve the request. Factors that may lead to such a finding include the following:
(a) The level of unemployment in a particular community within a county, to the extent that figures are available from the Washington state employment security department; and
(b) The number of secondary or spin-off jobs expected to be generated by the project.
(7) If demand for allocation exceeds the amount available, priority will be given to counties designated as distressed, using unemployment figures from the employment security department.
(8) The department will review these guidelines at least annually.
[Statutory Authority: Chapter 39.86 RCW and RCW 43.330.040 (2)(g). WSR 97-02-093, § 365-135-060, filed 1/2/97, effective 2/2/97. Statutory Authority: 1987 c 297. WSR 87-19-082 (Order 87-18), § 365-135-060, filed 9/16/87.]
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