EXECUTIVE ORDER
BJ 15-2

Carry-Forward Bond Allocation 2014

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. BJ 2008-47 was issued to establish a method for allocating bonds subject to private activity bond volume limits, including

(1)      the method of allocating bonds subject to the private activity bond volume limits for the calendar year 2008 and subsequent calendar years;
(2)      the procedure for obtaining an allocation of bonds under the ceiling; and
(3)      a system of central record keeping for such allocations;

WHEREAS,  Section 4(H) of No. BJ 2008-47 provides that if the ceiling for a calendar 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,  the sum of four hundred sixty-two million five hundred forty-seven thousand dollars ($462,547,000) represents the amount of the ceiling determined by the staff of the Louisiana State Bond Commission (“SBC”) for private activity bond volume limits for the year 2014 (“2014 Ceiling”);
WHEREAS,  Executive Order No. BJ 2014-15, issued on October 24, 2014, allocated eleven million dollars ($11,000,000) from the 2014 ceiling to the Louisiana Community Development Authority to be used by the Fairview Crossing Apartments Project for the acquisition, rehabilitation, and equipping of a 275 unit multifamily housing complex referred to as Fairview Crossing Apartments Project to be located at 4249 5th Avenue in the Parish of Calcasieu, City of Lake Charles, State of Louisiana, and $1,000,000 was returned unused to the ceiling;
WHEREAS,  four hundred fifty-one million five hundred forty-seven thousand dollars ($451,547,000) of the 2014 Ceiling was not allocated during the 2014 calendar year; and one million dollars ($1,000,000) of the 2014 Ceiling was returned; and
WHEREAS,  The SBC has determined that four hundred fifty-two million five hundred forty-seven thousand dollars ($452,547,000) of the excess 2014 Ceiling is eligible as carry-forward and the Governor desires to allocate this amount as carry-forward for projects which are permitted and eligible under the Act;
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 carry-forward filed by the designated issuer, the excess private activity bond volume limit under the 2014 Ceiling is hereby allocated to the following issuer(s), for the following carry-forward project(s), and in the following amount(s):

Issuer

Carry-Forward Project

Carry-Forward Amount

Louisiana Public Facilities Authority

Lafayette Parish Senior Living Facility Project

$20,000,000

Louisiana Public Facilities Authority

Highland Senior Living Facility Project

$20,000,000

Louisiana Public Facilities Authority

Southwest Louisiana Bioenergy Project

$90,000,000

Louisiana Housing Corporation

Multifamily Bond Program

$200,000,000

Louisiana Housing Corporation

Single Family Bond Program

$100,000,000

Louisiana Public Facilities Authority

Qualified Residential Rental Property

$22,547,000

SECTION 2: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.
SECTION 3: 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 9th day of February, 2015.

 

 

Bobby Jindal
Governor

ATTEST BY
THE GOVERNOR
Tom Schedler
Secretary of State