Bond Allocation — Industrial Development Board
of the City of New Orleans , Louisiana, Inc.
WHEREAS, pursuant to the Tax Reform Act of 1986 and Act 51 of the 1986 Regular Session of the Louisiana Legislature, 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 2008 (hereafter "the 2008 Ceiling");
(2) the procedure for obtaining an allocation of bonds under the 2008 Ceiling; and
(3) a system of central record keeping for such allocations; and
WHEREAS, the Industrial Development Board of the City of New Orleans, Louisiana, Inc. has requested an allocation from the 2008 Ceiling to provide a multifamily low-income residential rental facility located in the Upper Ninth Ward, in the city of New Orleans, parish of Orleans, state of Louisiana, in accordance with the provisions of Section 146 of the Internal Revenue Code of 1986, as amended;
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: The bond issue, as described in this Section, shall be and is hereby granted an allocation from the 2008 Ceiling in the amount shown:
Amount of Allocation Name of Issuer Name of Project $18,600,000 Industrial Development Board of the City of New Orleans, Louisiana, Inc. New Savoy Place Phase I Project
SECTION 2: The allocation granted herein shall be used only for the bond issue described in Section 1 and for the general purpose set forth in the “Application for Allocation of a Portion of the State of Louisiana’s Private Activity Bond Ceiling” submitted in connection with the bond issue described in Section 1.
SECTION 3: The allocation granted herein shall be valid and in full force and effect through December 31, 2008, provided that such bonds are delivered to the initial purchasers thereof on or before August 5, 2008.
SECTION 4: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.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 Louisiana, at the Capitol, in the city of Baton Rouge, on this 7th day of May, 2008.
Secretary of State