Additional 2007 Carry-Forward Bond Allocation
Louisiana Housing Finance Agency
WHEREAS, pursuant to the Tax Reform Act of 1986 and Act 51 of the 1986 Regular Session of the Louisiana Legislature (hereafter “Act”), Executive Order No. KBB 2005-12 was issued to establish:
(1) a method for allocating bonds subject to private activity bond volume limits, including the method of allocating bonds subject to the private activity bond volume limits for the calendar year of 2006 (hereafter "the 2006 Ceiling");
(2) the procedure for obtaining an allocation of bonds under the 2006 Ceiling; and
(3) a system of central record keeping for such allocations;
WHEREAS, Section 4(H) of KBB 2005-12 provides that if the ceiling for a calender year exceeds the aggregate amount of bonds subject to the private activity bond volume limit issued during the year by all issuers, by executive order, the governor may allocate the excess amount to issuers or an issuer for use as a carry-forward for one or more carry-forward projects permitted under the Act;
WHEREAS, Executive Order No. KBB 2007-29, issued on November 6, 2007, allocated forty-two million dollars ($42,000,000) from the 2007 Ceiling to the East Baton Rouge Mortgage Finance Authority for Single Family Mortgage Revenue Bonds; based on notification provided by East Baton Rouge Mortgage Finance Authority to the Bond Commission that twenty-two million dollars ($22,000,000) was returned unused to the 2007 Ceiling, the carry-forward bond allocation granted to Louisiana Housing Finance Agency in Executive Order KBB 2007-34 was reduced in Executive Order BJ 2008-09; however, East Baton Rouge Mortgage Finance Authority has since corrected its prior notification to the state that the entire allocation of forty-two million dollars ($42,000,000) was returned unused to the 2007 Ceiling;
WHEREAS, twenty million dollars ($20,000,000) has thus now become available to be used as additional carry-forward allocation from the 2007 volume cap;
WHEREAS, Executive Order No. BJ 2008-09, issued on February 13, 2008, allocated a reduced amount of sixty one million six hundred twelve thousand and twenty two dollars ($61,612,022) as a carry-forward to the Louisiana Housing Finance Agency from the 2007 Ceiling to be used in connection with the Single Family Mortgage Revenue Bonds; and
WHEREAS, the Governor desires to allocate the additional twenty million dollars ($20,000,000) now available in the unused portion of the 2007 Ceiling to the Louisiana Housing Finance Agency as a carry-forward to be used in connection with the Single Family Mortgage Revenue Bonds;
NOW THEREFORE, I, BOBBY JINDAL, Governor of the state of Louisiana, by virtue of the authority vested by the Constitution and the laws of the state of Louisiana, do hereby order and direct as follows:
SECTION 1: Pursuant to and in accordance with the provisions of Section 146(f) of the Internal Revenue Code of 1986, as amended, and in accordance with the request for a carry-forward filed by the designated issuer, excess and/or unused private activity bond volume limit under the 2007 Ceiling is hereby allocated to the following issuer, for the following carry-forward project, and in the following amount:
Single Family Mortgage
Revenue Bond Program
SECTION 2: The twenty million dollars (20,000,000) carry-forward allocated herein is in addition to the sixty one million six hundred twelve thousand and twenty two dollars ($61,612,022) carry-forward allocated in Executive Order No. BJ 2008- 09, such that the total carry-forward for 2007 allocated to the Louisiana Housing Finance Agency in connection with the Single Family Mortgage Revenue Bonds is eighty one million six hundred twelve thousand and twenty two dollars ($81,612,022).
SECTION 3: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.
SECTION 4: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.
IN WITNESS WHEREOF , I have set my hand officially and caused to be affixed the Great Seal of the state of Louisiana, at the Capitol, in the city of Baton Rouge, on this 15th day of February, 2008.
Secretary of State