620.3515.  Cap on capital investment authority — issuance and receipt of cash, when — lapse, when — request for opinion. — 1.  The department shall certify capital investment authority under the provisions of sections 620.3500 to 620.3530 in amounts that would authorize not more than sixteen million dollars in state tax credits to be claimed against state tax liability in any calendar year, excluding any credit amounts carried forward as provided under subsection 1 of section 620.3520.  Within ninety days of the applicant receiving notice of certification, the rural fund shall issue the capital investment to, and receive cash in the amount of the certified amount from, a rural investor.  At least ten percent of the rural investor's capital investment shall be composed of affiliate capital.  The rural fund shall provide the department with evidence of the receipt of the cash investment within ninety-five days of the applicant receiving notice of certification.  Such evidence shall include details of the third-party capital raised, including from any leverage source.

  2.  If the rural fund does not receive the cash investment and issue the capital investment within such time period following receipt of the certification notice, the certification shall lapse and the rural fund shall not issue the capital investment without reapplying to the department for certification.  Lapsed certifications shall revert to the department and shall be reissued pro rata to applicants whose capital investment allocations were reduced during the immediately preceding application cycle in accordance with the application process provided under subsection 4 of section 620.3510.  Any lapsed certification not reissued within the same calendar year as the lapsed certification was issued shall not be reissued.

  3.  A rural fund, before making a qualified investment, may request from the department a written opinion as to whether the business in which it proposes to invest is an eligible business.  Such request shall be on a form developed by the department to be completed by the eligible business and the rural fund.  If the department fails to notify the rural fund of its determination by the twentieth business day following its receipt of the completed form and all information necessary to form its opinion, the business in which the rural fund proposes to invest shall be deemed an eligible business.