§ 11 — Allocation carryforward

New York § 11

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

Text

* § 11. Allocation carryforward. 1. No local agency or other issuer\nshall make a carryforward election utilizing any unused allocation\n(pursuant to section 146(f) of the code) without the prior approval of\nthe commissioner. Likewise no state agency shall make or file such an\nelection, or elect to issue or carry forward mortgage credit\ncertificates, without the prior approval of the director.\n 2. On or before November fifteenth of each year, each state agency\nseeking unused statewide ceiling for use in future years shall make a\nrequest for an allocation for a carryforward to the director, whose\napproval shall be required before a carryforward election is filed by or\non behalf of any state agency. A later request may also be considered by\nthe director, who may file a carryforward election for any state agency\nwith the consent of such agency.\n 3. On or before November fifteenth of each year, each local agency or\nother issuer seeking unused statewide ceiling for use in future years\nshall make a request for an allocation for a carryforward to the\ncommissioner, whose approval shall be required before a carryforward\nelection is filed by or on behalf of any local or other agency. A later\nrequest may also be considered by the commissioner.\n* NB Repealed January 1, 1991\n