EXECUTIVE ORDER MJF 98-68

EXECUTIVE ORDER MJF 98-68

Carryforward Bond Allocation Louisiana Housing Finance Agency


WHEREAS, pursuant to the Tax Reform Act of 1986 (hereafter "the Act") and Act 51 of the 1986 Louisiana Legislature, Executive Order Number 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 1998 (hereafter "the 1998 Ceiling");

2. the procedure for obtaining an allocation of bonds under the 1998 Ceiling; and

3. a system of central record keeping for such allocations.

WHEREAS, Executive Order Number MJF 98-60 (hereafter "MJF 98-60"), issued on October 28, 1998, allocated nine million fifty thousand ($9,050,000) from the 1998 Ceiling to the Louisiana Housing Finance Agency for a single family mortgage revenue bond program, but the allocation was returned unused;

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, the governor may allocate the excess amount to issuers for use as a carryforward for one or more carryforward projects permitted under the Act by issuing an executive order;

WHEREAS, the 1998 Ceiling exceeds the aggregate amount of bonds subject to the private activity bond volume limit issued during the calender year by all issuers by nine million ninety five thousand two hundred ($9,095,200); and

WHEREAS, the governor desires to allocate this excess and unused amount of the 1998 Ceiling as a carry forward for a carryforward 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, and in accordance with the request for a carryforward filed by the designated issuer, the excess and unused private activity bond volume limit under the 1998 Ceiling shall be and is hereby allocated to the designated issuer for the carryforward project and in the amount as follows:

Issuer Carryforward Project Carryforward Amount
Louisiana Housing Finance Agency Single Family Mortgage Revenue Bond Program $9,095,200

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, 1998.

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

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State