A. The Department shall certify capital investment authority under the provisions of this act in amounts that would not authorize more than Fifteen Million Dollars ($15,000,000.00) 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 A of Section 5 of this act.¹ Within ninety (90) 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 (10%) of the rural investor's capital investment shall be composed of capital raised by the rural investor directly or indirectly from sources including directors, members, employees, officers, and affiliates of the rural investor, other than the amount invested by the allocatee claiming the tax credits in exchange for such allocation of tax credits. The rural fund shall provide the Department with evidence of the receipt of the cash investment within ninety-five (95) days of the applicant receiving notice of certification.

B. If the rural fund does not receive the cash investment and issue the capital investment within such time period following receipt of the certificate 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 in accordance with the application process provided under subsection D of Section 3 of this act.²

C. 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. The Department, no later than fifteen (15) business days after the date of receipt of such request, shall notify the rural fund of its determination. If the Department fails to notify the rural fund of its determination by the twentieth business day, the business in which the rural fund proposes to invest shall be deemed an eligible business.