EXECUTIVE ORDER MJF 96-78

Bond Allocation Calcasieu Parish Authority


WHEREAS: Executive Order MJF 96-32 (hereafter "MJF 96-32") was executed on September 17, 1996, pursuant to the Tax Reform Act of 1968 (hereafter "the act"), Act 51 of the 1986 Louisiana Legislature, and Executive Order MJF 96-25 (hereafter "MJF 96-25") which provides for the allocation of bonds subject to the private activity bond volume limits of the act for each calendar year (hereafter "ceiling");

WHEREAS: the $7,300,000 allocation under the ceiling made by MJF 96-32 to the Louisiana Housing Finance Agency for the Malta Square at Sacred Heart project was returned unused by letter dated December 19, 1996;

WHEREAS: Section 4.8 of MJF 96-25 provides that if the ceiling for a year exceeds the aggregate amount of private activity bonds issued during the year, "the governor may allocate such excess to issuers for use as a carryforward for one or more carryforward projects permitted under the act by issuing an Executive Order for all carryforward projects for which an application has been submitted that contains the elements required by Subsection 4.2, and for which a request to be treated as a carryforward project has been received by the [staff of the Louisiana State Bond Commission]";

WHEREAS: the ceiling for 1996 exceeds the amount of private activity bonds issued during 1996 by $7,300,000; and

WHEREAS: the governor desires to allocate this excess and unused amount of the 1996 ceiling to a project which is eligible for a carryforward 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, and in accordance with the request for a carryforward filed by issuer, the excess unused private activity bond volume limit under the ceiling is allocated to issuer for the following carryforward project and in the following amount:






ISSUER			CARRYFORWARD			CARRYFORWARD

Calcasieu		PROJECT                		AMOUNT

Parish			Single Family Mortgage		$7,300,000

Authority		Revenue Bonds or          	          

			Mortgage Credit

			Certificate 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 24th day of December, 1996.

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

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State