Section 41-10-35 Legislative findings and intent. The Internal Revenue Code of 1986, as amended, imposes a “state ceiling” upon the aggregate principal amount of “private activity bonds” which may be issued in any calendar year by or on behalf of a state and its political subdivisions and instrumentalities, and establishes a method of allocating the […]
Section 41-10-36 Definitions. Unless the context requires otherwise, the terms defined in this section shall have the following meanings for purposes of this division: (1) AFFECTED BOND. Any obligation or portion thereof which is required under the terms of the code to receive an allocation of the state ceiling as a condition for the exclusion […]
Section 41-10-37 Allocation procedure. Allocations of the state ceiling shall be granted by the authority in response to applications filed with the authority by any issuer in the following manner: (1) Each application shall be made by an instrument in writing signed by an officer or agent of the issuer and shall contain (i) the […]
Section 41-10-38 Allocation formulae. (a) The state ceiling for calendar year 1989 and thereafter is hereby allocated in its entirety to the state, and no other governmental unit, issuer, or other entity of any type shall have or utilize any portion of the state ceiling for such year except in accordance with this division. The […]
Section 41-10-39 Carryforward allocation procedure. Applications for carryforward allocations may be submitted to the authority on or after December 1 of each calendar year. The authority shall grant such carryforward allocations in its sole discretion, giving due regard to the likelihood of the use of the remaining state ceiling prior to December 31 of such […]
Section 41-10-40 Duty of fairness and impartiality in granting allocations. Anything contained in this division to the contrary notwithstanding, the authority shall have a duty to administer the state ceiling allocation program created in this division fairly and impartially. In making any decision entrusted to its discretion, including particularly the granting of allocations or the […]
Section 41-10-41 Forms, regulations, and interpretations; employment of attorneys, agents, etc. The authority may do all other things necessary or desirable to carry out the purpose of this division, including the establishment of fees to be paid with each application. The authority is hereby empowered to adopt and promulgate such rules, policies, regulations and forms […]
Section 41-10-42 Designation of official for certifications. The president of the authority is hereby designated as the state official authorized to make certifications required by Section 149(e)(2)(F) of the code. (Acts 1988, 1st Ex. Sess., No. 88-870, p. 382, §9.)
Section 41-10-43 Confirmation of prior allocations. All allocations of state ceiling applicable to the state made prior to September 27, 1988, pursuant to executive orders of the Governor of the state are hereby ratified and confirmed. (Acts 1988, 1st Ex. Sess., No. 88-870, p. 382, §10.)
