1. The department shall allocate recovery zone bonds to counties and large municipalities
in accordance with Section 1400U-1 of the Internal Revenue Code of 1986, as amended, and shall provide notice of such allocation to each county and large
municipality. A county or large municipality may, at any time, waive any allocation of recovery
zone bonds by providing written notice to the department. Each allocation shall be deemed waived by the county or large municipality on the
sixtieth day following notice of allocation, except to the extent the county or large
municipality provided the department with written notice of intent to issue recovery
zone bonds stating the amount and type to be issued. Each county or large municipality shall notify the department in writing of the
issuance of recovery zone bonds. Any recovery zone bonds allocated to a county or large municipality which remain
unissued as of the first day of July of each year, shall be recaptured by the department
2. Any county or large municipality may apply to the department for the allocation
of additional recovery zone bonds to the extent such bonds are available due to the
waiver of recovery zone bond allocations by other counties or large municipalities
or the recapture of recovery zone bonds by the department as provided under subsection
1 of this section. The department may reallocate such recovery zone bonds to any eligible issuer of
recovery zone bonds as provided by rule.
3. The department shall promulgate rules to implement the provisions of sections 108.1000 to 108.1020. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective
only if it complies with and is subject to all of the provisions of chapter 536 and,
if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with
the general assembly pursuant to chapter 536 to review, to delay the effective date,
or to disapprove and annul a rule are subsequently held unconstitutional, then the
grant of rulemaking authority and any rule proposed or adopted after August 28, 2009,
shall be invalid and void.
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