§ 10 — Year end allocation recapture

New York § 10

• Jurisdiction: New York
• Law PAB: Private Activity Bond 47/90
• Title 1: Private Activity Bond Allocation Act of 1990

Text

* § 10. Year end allocation recapture. On or before October first of\neach year, each state agency shall report to the director and each local\nagency and each other issuer shall report to the commissioner the amount\nof bonds subject to allocation under this act that will be issued prior\nto the end of the then current calendar year, and the amount of the\nissuer's then total allocation that will remain unused. As of October\nfifteenth of each year, the unused portion of each local agency's and\nother issuer's then total allocation as reported and the unallocated\nportion of the set-aside for state agencies shall be recaptured and\nadded to the statewide bond reserve and shall no longer be available to\ncovered bond issuers except as otherwise provided herein. From October\nfifteenth through the end of the year, each local agency or other issuer\nhaving an allocation shall immediately report to the commissioner and\neach state agency having an allocation shall immediately report to the\ndirector any changes to the status of its allocation or the status of\nprojects for which allocations have been made which should affect the\ntiming or likelihood of the issuance of covered bonds therefor. If the\ncommissioner determines that a local agency or other issuer has\noverestimated the amount of covered bonds subject to allocation that\nwill be issued prior to the end of the calendar year, the commissioner\nmay recapture the amount of the allocation to such local agency or other\nissuer represented by such overestimation by notice to the local agency\nor other issuer, and add such allocation to the statewide bond reserve.\nThe director may likewise make such determination and recapture with\nrespect to state agency allocations.\n* NB Repealed January 1, 1991\n