EXECUTIVE ORDER MJF 99-54

EXECUTIVE ORDER MJF 99-54

Carry-Forward Bond Allocation Louisiana Housing Finance Authority


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 (hereafter "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 1999 (hereafter ?the 1999 Ceiling?); (2) the procedure for obtaining an allocation of bonds under the 1999 Ceiling; and (3) a system of central record keeping for such allocations;

WHEREAS, Executive Order No. MJF 99-28 (hereafter ?MJF 99-28"), issued on July 9, 1999, allocated thirteen million dollars ($13,000,000) from the 1999 Ceiling to the Industrial Development Board of the City of New Orleans, Louisiana, Inc., for the acquisition, construction, and installation of a development project for the reconstruction and reconfiguration of a building to accommodate a mixed housing/commercial development facility, but the thirteen million dollar ($13,000,000) allocation was returned unused to the 1999 Ceiling;

WHEREAS, an additional eight million two hundred thirty-three thousand three hundred fifty dollars ($8,233,350) of the 1999 Ceiling was not allocated during the1999 calendar year;

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 for use as a carry-forward for one or more carry-forward projects permitted under the Act;

WHEREAS, the 1999 Ceiling exceeds the aggregate amount of bonds subject to the private activity bond volume limit issued during the 1999 calendar year by all issuers by twenty one million two hundred thirty-three thousand three hundred fifty dollars ($21,233,350); and

WHEREAS, the governor desires to allocate this excess and/or unused amount of the 1999 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 unused private activity bond volume limit under the 1999 Ceiling is hereby allocated to the issuer for the carry-forward project and in the amount as follows:

Issuer Carry-Forward Project Carry-Forward Amount
Louisiana Housing Finance Authority Single Family Mortage Revenue Bond Program $21,233,350

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 22nd day of December, 1999.

M.J. "Mike" Foster, Jr.
Governor

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State