Vermont Statutes Title 32. Taxation and Finance, § 992. Allocation; authority

(b)(1) One hundred percent of Vermont's federally allocated State ceiling on the volume of private activity bonds that may be issued in any calendar year is hereby allocated to the State. The Emergency Board established by chapter 3 of this title shall be the duly authorized agency of the State having the power to apportion the State's private activity bond ceiling to and among the constituted issuing authorities empowered to issue such bonds. The Emergency Board shall exercise this power on or before January 31 in each calendar year by apportioning the ceiling among issuing authorities, reserving such portion as the Board deems appropriate in the form of a contingency allocation to be available to all issuing authorities at the discretion of the Emergency Board, pursuant to policies and guidelines established by the Board.

(2) The Board may delegate the power and authority granted to it under this section to the Governor, subject to the Board's policies and guidelines, for any assignments or reallocations of any unused portion of the ceiling made after December 20 in any calendar year. All assignments or reallocations of the private activity bond ceiling made pursuant to this section shall be made in writing in accordance with Section 146 of the Internal Revenue Code of 1986.