(1) Unless terminated earlier by the issuer, an allocation is valid for 90 days from
the date the department mails the notice of approval. Prior to the expiration of the 90-day period, the department may extend the period
of validity for an additional 30 days upon presentation of evidence that an agreement
to purchase the state's volume cap bonds for which the allocation was given has been
obtained from an entity legally authorized to purchase them.
(2) If the state's volume cap bonds are not issued within the period of validity as
determined under subsection (1), the allocation automatically expires.
(3) All allocations expire on December 31 of the year in which they were made. However, this subsection does not limit the term of an allocation for which a valid
carryforward election has been made.
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?
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.