Gulf Opportunity Zone Bond Allocation Procedures—Rescinding
Executive Order No. KBB 06-09 and No. KBB 06-27
WHEREAS, the Gulf Opportunity Zone Act of 2005 authorizes tax-exempt bond financing for Qualified Gulf Opportunity Zone Bonds, i.e., bonds issued by the states of Alabama, Louisiana and Mississippi or any political subdivision thereof, and meeting certain other criteria set forth in 26 U.S.C.A. § 1400N(a);
WHEREAS, in the case of a bond which is required under State law to be approved by the bond commission of such State, 26 U.S.C.A. § 1400N(a)(2)(c) requires such bond to be designated by the bond commission as Qualified Gulf Opportunity Zone Bond;
WHEREAS, Article VII, Section 8 of the Louisiana Constitution requires all bonds issued or sold by the state or by any political subdivision to be approved by the Louisiana State Bond Commission;
WHEREAS, Executive Order No. KBB 2006-9 dated February 16, 2006 and Executive Order No. KBB 2006-27 dated June 12, 2006 require an allocation by the governor from the Qualified Gulf Zone Opportunity Zone Bond Pool, in addition to the State Bond Commission’s approval of bonds as Qualified Gulf Opportunity Zone Bonds; and
WHEREAS, under the Gulf Opportunity Zone Act of 2005, no allocation by the governor is necessary for bonds issued in Louisiana, as such bonds are required by State law to be approved by the State Bond Commission;
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: Executive Order No. KBB 2006-9 dated February 16, 2006, and Executive Order No. KBB 2006-27 dated June 12, 2006, are hereby terminated and rescinded.
SECTION 2: This Order is effective upon signature and shall continue in effect until amended, modified, terminated or rescinded by the governor, or terminated by operation of law.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 7th day of April, 2008.
Secretary of State