Expiring Volume Cap

 At any given time, an issuer, or an issuer together with one or more other issuers, may not file more than one request for each project, except that the authority may satisfy an allocation request from one or more categories of projects as described in subsection B, C, D or E of this section. However, an issuer may refile a request for a given project if a prior request has expired. A.R.S. Section 35-902(H).

On the expiration of a confirmation or release of an allocation by the related issuer, the director shall issue a confirmation to the next numbered request which is equal to or less than the then available portion of the state ceiling or to the next numbered request if the principal amount of such request is reduced to an amount equal to or less than the then available portion of the state ceiling available for such purpose. A.R.S. Section 35-904(F).  

Because the director may only issue a single confirmation for each request, if an existing request is reduced and the project requires more volume cap to complete, the applicant must resubmit a new application for the remaining amount they need for their project.