WHEREAS, pursuant to the Tax Reform Act of 1986 and Act No. 51 of the 1986 Regular Session of the Louisiana Legislature (collectively hereafter "the Act"), Executive Order No. MJF 96-25, as amended by Executive Order No. MJF 2000-15, (hereafter collectively "MJF 96-25") 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 2002 (hereafter "the 2002 Ceiling"); (2) the procedure for obtaining an allocation of bonds under the 2002 Ceiling; and (3) a system of central record keeping for such allocations;
WHEREAS, subsection 4.8 of MJF 96-25 provides that if the ceiling for a calender 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, on December 30, 2002, Executive Order No. MJF 2002-74 was issued to carry- forward one hundred thirty-five million three hundred sixty-six thousand two hundred sixteen dollars and three cents ($135,366,216.03) of the 2002 Ceiling which was unused and returned; however, the Order did not reflect the allocation and portion of the allocation returned unused from Executive Order Nos. MJF 2002- 54 and 2002-57;
WHEREAS, Executive Order No. MJF 2002-54, issued on October 25, 2002, allocated three million two hundred thousand dollars ($3,200,000) from the 2002 Ceiling to the Lafayette Economic Development Authority in connection with a Tube-Alloy Corporation project, but two hundred ninety-seven thousand two hundred fifty dollars ($297,250) of the three million two hundred thousand dollar ($3,200,000) allocation was returned unused;
WHEREAS, Executive Order No. MJF 2002-57, issued on November 6, 2002, allocated five million dollars ($5,000,000) from the 2002 Ceiling to the Parish of DeSoto, State of Louisiana, in connection with an International Paper Company project, but the five million dollar ($5,000,000) allocation was returned unused; and
WHEREAS, the governor desires to allocate the additional unused portion of the 2002 Ceiling as a carry-forward for a project which is permitted and eligible 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, as amended, and in accordance with the request for a carry- forward filed by the designated issuer, the excess and/or unissued private activity bond volume limit under the 2002 Ceiling is hereby allocated to the following issuer, for the following carry-forward project, and in the following amount:
|Single Family Mortgage
Revenue Bond 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 13th day of February, 2003.
M.J. "Mike" Foster, Jr.
Secretary of State