EXECUTIVE ORDER
BJ 09-01

Carry-Forward Bond Allocation 2008


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:

(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 2008 (hereafter "the 2008 Ceiling");

(2) the procedure for obtaining an allocation of bonds under the 2008 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, Executive Order No. BJ 2008-20, issued on June 13, 2008, allocated twenty million dollars ($20,000,000) from the 2008 Ceiling to the St. Tammany Parish Development District for Mortgage Revenue Bonds for multifamily housing, but the entire allocation of twenty million dollars ($20,000,000) was returned unused to the 2008 Ceiling;

WHEREAS, Executive Order No. BJ 2008-22, issued on July 9, 2008, allocated twenty-five million dollars ($25,000,000) from the 2008 Ceiling to the Louisiana Community Development Authority for Industrial Bonds, but twenty-five million dollars ($25,000,000) was returned unused to the 2008 Ceiling; and

WHEREAS, One hundred eighty nine million three hundred twenty two thousand three hundred forty dollars ($189,322,340) of the 2008 Ceiling was not allocated during the 2008 calendar year;

WHEREAS, the Governor desires to allocate two hundred thirty four million three hundred thirty two thousand three hundred forty dollars ($234,322,340) of the excess 2008 Ceiling 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 requests for carry-forward filed by the designated issuers, the excess private activity bond volume limit under the 2008 Ceiling is hereby allocated to the following issuers, for the following carry-forward projects, and in the following amounts:

Issuer

Carry-Forward
Project

Carry-Forward Amount

Louisiana Public Facilities Authority

Student Loan Program

$91,200,000

Rapides Finance Authority

Single Family Mortgage Revenue Bond Program

$10,963,000

Hammond-Tangipahoa Home Mortgage Authority

Single Family Mortgage Revenue Bond Program

$10,963,000

Lafayette Public Trust Financing Authority

Single Family Mortgage Revenue Bond Program

$18,978,000

Finance Authority of New Orleans

Pathway to Homeownership Project

$73,021,340

EBR Mortgage Finance Authority

Single Family Mortgage Revenue Bond Program

$29,197,000

 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 10th day of February, 2009.

Bobby Jindal
Governor

ATTEST BY
THE GOVERNOR
Jay Dardenne
Secretary of State