EXECUTIVE ORDER MJF 01-34

EXECUTIVE ORDER MJF 01-34

Bond Allocation - Louisiana Housing Finance Agency


WHEREAS, pursuant to the Tax Reform Act of 1986 and Act 51 of the 1986 Regular Session of the Louisiana Legislature, Executive Order No. MJF 96-25, as amended by Executive Order No. MJF 2000-15, 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 2001 (hereafter "the 2001 Ceiling");

(2) the procedure for obtaining an allocation of bonds under the 2001 Ceiling; and

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

WHEREAS, the Louisiana Housing Finance Agency requested, and was granted in Executive Order No. MJF 2001-22, issued on May 17, 2001, an allocation from the 2001 Ceiling to be used in connection with a program of financing mortgage loans for single family, owner-occupied residences of low and moderate income home-buyers throughout the state of Louisiana, in accordance with the provisions of Section 146 of the Internal Revenue Code of 1986, as amended;

WHEREAS, the allocation from the 2001 Ceiling granted in Executive Order No. MJF 2001-22 was conditioned upon the delivery of the bonds to the initial purchasers on or before August 15, 2001, and that date passed without such delivery, resulting in the expiration of Executive Order No. MJF 2001-22 and/or the allocation from the 2001 Ceiling granted therein; and

WHEREAS, it is in the best interests of the citizens of the state of Louisiana to re-grant the allocation from the 2001 Ceiling to the Louisiana Housing Finance Agency for use in connection with a program of financing mortgage loans for single family, owner-occupied residences of low and moderate income home-buyers throughout the state of Louisiana, in accordance with the provisions of Section 146 of the Internal Revenue Code of 1986, as amended;

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: The bond issue, as described in this Section, shall be and is hereby granted an allocation from the 2001 Ceiling as follows:

AMOUNT OF ALLOCATION NAME OF ISSUER NAME OF PROJECT
$48,000,000 Louisiana Housing Finance Agency Single Family Mortgage Revenue Bonds

SECTION 2: The granted allocation shall be used only for the bond issue described in Section 1 and for the general purpose set forth in the "Application for Allocation of a Portion of the State of Louisiana Private Activity Bond Ceiling" submitted in connection with the bond issue described in Section 1.

SECTION 3: The granted allocation shall be valid and in full force and effect through the end of 2001, provided that such bonds are delivered to the initial purchasers thereof on or before December 21, 2001.

SECTION 4: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.

SECTION 5: 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 6: Executive Order No. MJF 2001-22, issued on May 17, 2001, expired on August 15, 2001, and is terminated.

SECTION 7: 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 30th day of August, 2001.

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

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State