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(1) If a designated investor elects to redeem a certificate, the certificate shall be presented to the board for redemption no later than June 30 of the calendar year maturity date stated on the certificate.
(2) Upon presentment to the board, it shall determine and certify the amount of the contingent tax credit that may be claimed by the designated investor based on:
(a) the limitations in Section 63N-6-406; and
(b) rules made by the board in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(3)
(a) If there are sufficient funds in the redemption reserve, the board shall direct the corporation to make a cash redemption of the certificate.
(b) If there are insufficient funds in the redemption reserve, the board may elect to redeem the certificate:
(i) by certifying a contingent tax credit to the designated investor; or
(ii) by making demand on designated purchasers to purchase certificates in accordance with Section 63N-6-409.
(4) The board shall certify to the State Tax Commission the contingent tax credit which can be claimed by the designated investor with respect to the redemption of the certificate.
(5) The board shall cancel all redeemed certificates.