FREQUENTLY ASKED QUESTIONS
How do I send the funds to SNAP for the initial investment?
How do I withdraw from my account with SNAP?
What are my options for transferring funds electronically?
How do I get an account balance?
Can I obtain account information online?
What is arbitrage?
What are the spending requirements for the 6,18, and 24 Month Exceptions?
Can I fill out my registration forms online?
How do we change our wire instructions or authorized representatives for an account?
Q. How do I send the funds to SNAP for the initial investment?
A . Contact a SNAP representative. Before closing date, return completed registration forms with bond documents (Official Statement, Non-Arbitrage Certificate, Closing Memorandum, Trust Indenture, Resolution) via mail or fax (717-233-6073). Funds should be wired to SNAP before noon; please notify us of the amount to be sent and the name of the bank sending the funds.
Q: How do I withdraw from my account with SNAP?
A: A participant may withdraw funds from any account to pay for the costs of capital projects by either (i) initiating a requisition for a wire transfer or ACH transfer on-line, (ii) telephoning 1-800-570-SNAP (1-800-570-7627), or (iii) writing a check to a third party.
Q. What are my options for transferring funds electronically?
A. There are two ways of electronic transfer available to SNAP Participants:
Same Day Wire Transfer – Funds can be transferred by wire to or from a SNAP account. For incoming transfers, you must instruct your financial institution to send the funds to SNAP. For outgoing transfers, the SNAP operations group will initiate the transfer. In either case, SNAP must be notified by 2:00 p.m. Eastern Time in order for the funds to transfer/credit the same day. SNAP has no service charge or fee for this service.
Next Day Transfer – Next Day Transfer utilizes the Federal Reserve’s Automated Clearing House (ACH) system. Funds are transferred overnight and are available in the designated account the next business day. Requests to transfer funds must be received by PFM via phone, fax, or online account access by 2:00 p.m. Eastern Time. The Next Day Transfer Form must be completed in advance and takes approximately ten (10) business days to process.
Q. How can I check my account balance?
A.Contact a SNAP representative at 1-800-570-SNAP (1-800-570-7627) or view your account information online.
Q.Can I obtain account information online?
A. Account information is available through the Account Access link on this website. If you are a first time user, please submit an On-line Account Access Form. Once received by the Fund, please allow two business days for setup and then you may begin accessing your account information.
Q. What is arbitrage?
A. Arbitrage is the profit from investing tax-exempt debt financing proceeds in higher yielding taxable securities. These excess earnings must be rebated to the federal government unless certain requirements are met. For further information on arbitrage, click here to go to Resources.
Q. What are the spending requirements for the 6,18, and 24 Month Exceptions?
A. In order to qualify for exemption from rebate under the 6 month spending exception, all gross proceeds and investment earnings thereon must be spent within 6 months of the issue date.
The eighteen month exception requires that all proceeds and investment earnings thereon be spent as follows:
15% within 6 months of the issue date
60% within 12 months of the issue date
100% (less "reasonable retainage") within 18 months of the issue date
The 24 month exception applies only to construction issues, and requires that all Available Construction Proceeds be spent as follows:
10% within 6 months of issue date
45% within 12 months of issue date
75% within 18 months of issue date
100% (less "reasonable retainage") within 24 months of issue date
Q. Can I fill out my registration forms online?
A. Yes, you can complete the registration forms online in order to expedite the information delivery. However, you must print the completed forms and have appropriate individuals sign the forms and forward original documents to SNAP by mail.
Q. How do we change our wire instructions or authorized representatives for an account?
A. You will need to provide us with written notification of the change. You may complete the registration form for these updates. Please note on the form that this is an update and to amend our current instructions.
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