(1) Any portion of the statewide balance that has not been allocated to bonds that
were issued on or before December 23 or that the issuing authority elected not to
issue pursuant to a mortgage credit certificate election made on or before December
23 or that are not the subject of a proper carryforward election under section 24-32-1705(3)(b) or 24-32-1706(3)(b) shall be available for allocations to carryforward purposes on and after December
(2) Any issuing authority may apply to the department for allocations from the statewide
balance for carryforward purposes by delivering to the department the information
and attachments required under section 24-32-1709.
(3) On or before December 29, the executive director of the department shall determine
the allocations from the statewide balance to carryforward purposes. The executive director shall make such determinations in his sole discretion, taking
into account the likelihood that the bonds will in fact be issued during the carryforward
period and such other factors as the executive director deems relevant. The department shall notify the issuing authority of any such allocation to a carryforward
purpose to be received by it by no later than 5 p.m. on December 29, which notice
may be written, oral, or telephonic. Any such oral or telephonic notice shall be confirmed by a writing mailed no later
than December 29.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.