§ 24-32-1706 — Allocations to designated local issuing authorities

(1) Within
twenty days after May 20, 1987, and by January 15 of each year thereafter, that
portion of the state ceiling that bears the same ratio to fifty percent of the state
ceiling for such calendar year as the population of the designated local issuing
authority bears to the population of the entire state shall be initially allocated to
each designated local issuing authority. For the purposes of such allocation, the
department shall provide a report within ten days after May 20, 1987, and by each
January 15 thereafter, which report shall contain a statement of the population for
the entire state and each designated local issuing authority.

(2) Designated local issuing authorities may assign the amounts of their
allocations pursuant to this section to any issuing authority, and any assignment
shall be effective upon receipt by the department of written notification of the
assignment. The notification shall include the amounts assigned, the names of the
assignor and assignee, a representation by the assignor that the assignment was
made by the assignor without receipt of monetary consideration, the date of the
assignment, and a copy of the executed assignment. No assignee may elect to treat
all or any portion of an assignment of an allocation from a designated local issuing
authority as an allocation for a project with a carryforward purpose or make a
mortgage credit certificate election with respect to all or any portion of such an
assignment without the prior written consent of the assignor to such election. A
record of each assignment shall be maintained by the assignee for each bond
issued by the assignee for which the assignment applies.

(3) Any allocation of the state ceiling made or assigned pursuant to this
section shall automatically be relinquished to the statewide balance on September
15 of each year, except to the extent that:

(a) Bonds are issued by the designated local issuing authority or its assigns
prior to September 15 of each year; or

(b) A mortgage credit certificate election is made by the designated local
issuing authority or its assignee prior to September 15 of each year; or

(c) The designated local issuing authority or its assignee notifies the
department, by written notice which contains the information and attachments set
forth in section 24-32-1709, prior to September 15 of each year, that the allocation
has been made by the designated local issuing authority or its assignee to a project
which has a carryforward purpose as such project is described in the inducement
resolution attached and that the designated local issuing authority or its assignee
desires to treat all or a portion of its initial allocation as an allocation to such
project for such carryforward purpose.

(4) If the amount of an allocation of the state ceiling made to a designated
local issuing authority pursuant to this section is in excess of the amount of bonds
that the designated local issuing authority or its assignee issued or used for a
carryforward purpose or the amount of qualified mortgage bonds that the
designated local issuing authority or its assignee elected not to issue pursuant to a
mortgage credit certificate election, the excess shall be relinquished to the
statewide balance on September 15 each year. Any designated local issuing
authority may voluntarily relinquish all or any part of its allocation to the statewide
balance at any time by so notifying the department in writing.

Legislative History

Source: L. 87: Entire part added, p. 991, � 1, effective May 20. L. 2009: (1) amended, (SB 09-041), ch. 56, p. 199, � 3, effective March 25.