Bond Allocation Procedures

WHEREAS, pursuant to the Tax Reform Act of 1986 (hereafter "the Act") and Act 51 of the 1986 Louisiana Legislature, Executive Order No. MJF 96-25 was issued on August 27, 1996 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 2000 (hereafter "the 2000 Ceiling");

(2) the procedure for obtaining an allocation of bonds under the 2000 Ceiling; and

(3) a system of central record keeping for such allocations; and

WHEREAS, it is necessary to amend Executive Order No. MJF 96-25 to reflect policy changes regarding the manner in which the bond allocation program should be administered and/or implemented;

NOW THEREFORE, I, M.J. "MIKE' FOSTER, JR., 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: Subsection 4.4 of Executive Order No. MJF 96-25, issued on August 27, 1996, is amended to provide as follows: Until November 1 of each year, the maximum allocation that may be granted for any project or purpose in any calendar year, except for Qualified Mortgage Bonds issued by the Louisiana Housing Finance Authority or Student Loan Bonds, shall not exceed the greater of thirty million dollars ($30,000,000) or fifteen percent (15%) of the ceiling for that calendar year. If an issuer submits a request for an allocation that is in excess of this authorized amount, the SBC staff shall retain the application for consideration of the allocation of additional amounts which may only be granted on or after November 1 of that calendar year.

SECTION 2: All other sections and subsections of Executive Order No. MJF 96-25 shall remain in full force and effect.

SECTION 3: The provisions of this Order shall be retroactive to January 1, 2000, and shall continue in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.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 Louisiana, at the Capitol, in the city of Baton Rouge, on this 19th day of April, 2000.

M.J. "Mike" Foster, Jr.

Fox McKeithen
Secretary of State