WHEREAS: the $7,300,000 allocation under the ceiling made by MJF 96-32 to the Louisiana Housing Finance Agency for the Malta Square at Sacred Heart project was returned unused by letter dated December 19, 1996;
WHEREAS: Section 4.8 of MJF 96-25 provides that if the ceiling for a year exceeds the aggregate amount of private activity bonds issued during the year, "the governor may allocate such excess to issuers for use as a carryforward for one or more carryforward projects permitted under the act by issuing an Executive Order for all carryforward projects for which an application has been submitted that contains the elements required by Subsection 4.2, and for which a request to be treated as a carryforward project has been received by the [staff of the Louisiana State Bond Commission]";
WHEREAS: the ceiling for 1996 exceeds the amount of private activity bonds issued during 1996 by $7,300,000; and
WHEREAS: the governor desires to allocate this excess and unused amount of the 1996 ceiling to a project which is eligible for a carryforward under the act;
NOW THEREFORE I, M.J. "MIKE" FOSTER, JR., Governor of the State of Louisiana, by virtue of the authority vested by the Constitution and 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, and in accordance with the request for a carryforward filed by issuer, the excess unused private activity bond volume limit under the ceiling is allocated to issuer for the following carryforward project and in the following amount:
ISSUER CARRYFORWARD CARRYFORWARD Calcasieu PROJECT AMOUNT Parish Single Family Mortgage $7,300,000 Authority Revenue Bonds or Mortgage Credit Certificate Program
SECTION 2: All references in this order to the singular shall include the plural, and all plural references shall include the singular.
SECTION 3: The undersigned certifies, under penalty of perjury, that the granted allocation was not made in consideration of any bribe, gift, or gratuity, or any direct or indirect contribution to any political campaign. The undersigned also certifies that the granted allocation meets the requirements of Section 146 of the Internal Revenue Code of 1986, as amended.
SECTION 4: This order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.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 24th day of December, 1996.
M.J. "Mike" Foster, Jr.
Secretary of State