(a) At the CIEDB Board meeting established in Section 5480.4(a), the CIEDB Board shall allocate the five million dollars ($5,000,000) aggregate maximum Partial Exemption for the then current calendar year to Eligible Entities requesting a Partial Exemption including those Eligible Entities authorized at the same meeting.

(b) No Eligible Entity shall be authorized to request an amount in excess of five million dollars ($5,000,000) per year.

(c) If the Partial Exemption amounts requested by all complete Requests exceeds five million dollars ($5,000,000), the amount available for the allocation to each Eligible Entity shall be a percentage based upon the amount requested by each entity in comparison to the other requests. A formula shall be used where the numerator is the dollar amount requested by a single complete Eligible Entity's Request and the denominator is the total dollar amount of all complete Eligible Entity Requests.

(d) Eligible Entities seeking a Partial Exemption for the 2001 calendar year will be considered through the same allocation process as described in Section 5480.3 during the 2002 calendar year meeting established in section 5480.4(a). Requests that are approved by the CIEDB Board will receive an Exemption Allocation Letter for the 2001 calendar year. The Eligible Entity will present this letter to the Board of Equalization for direction in processing a refund.

(e) CIEDB Board will issue an Exemption Allocation Letter to each Eligible Entity indicating the amount of the Partial Exemption that is awarded to the Eligible Entity for the current year as determined by subsection (c).

(f) The Eligible Entity awarded the Exemption Allocation Letter shall submit the letter to the Board of Equalization as provided in California Code of Regulations, Title 18, Section 1525.7(c)(1).

(g) The Eligible Entity shall notify the CIEDB Board of the Partial Exemption Use Date.