EXECUTIVE ORDER
BJ 10-04

Carry-Forward Bond Allocation 2009


WHEREAS, pursuant to the Tax Reform Act of 1986 and Act 51 of the 1986 Regular Session of the Louisiana Legislature (hereafter “Act”), Executive Order No. BJ 2008-47 was issued to establish a method for allocating bonds subject to private activity bond volume limits, including

(1) the method of allocating bonds subject to the private activity bond volume limits for the calendar year 2008 and subsequent calendar years;

(2) the procedure for obtaining an allocation of bonds under the ceiling; and

(3) a system of central record keeping for such allocations;

WHEREAS, Section 4(H) of No. BJ 2008-47 provides that if the ceiling for a calendar year exceeds the aggregate amount of bonds subject to the private activity bond volume limit issued during the year by all issuers, by executive order, the Governor may allocate the excess amount to issuers or an issuer for use as a carry-forward for one or more carry-forward projects permitted under the Act;

WHEREAS, The sum of three hundred ninety six million nine hundred seventy-one thousand six hundred forty ($396,971,640) represents the amount of the ceiling determined by the staff of the Louisiana State Bond Commission (“SBC”) for private activity bond volume limits for the year 2009 (“2009 Ceiling”);

WHEREAS, Executive Order No. BJ 2009-18, issued on November 20, 2009, as amended by Executive Order No. BJ 2009-20, issued on December 15, 2009 allocated thirty million dollars ($30,000,000) from the 2009 Ceiling to the Jefferson Parish Finance Authority for Mortgage Revenue Bonds for single family housing, and thirty million dollars ($30,000,000) of the allocation was returned unused to the 2009 Ceiling;

WHEREAS, Executive Order No. BJ 2009-15, issued on September 16, 2009, allocated four million dollars ($4,000,000) from the 2009 Ceiling to the Louisiana Public Facilities Authority for Mortgage Revenue Bonds for multifamily housing, but one million dollars ($1,000,000) was returned unused to the 2009 Ceiling;

WHEREAS, Three hundred sixty million four hundred seventy one thousand six hundred forty dollars ($360,471,640) of the 2009 Ceiling was not allocated during the 2009 calendar year; and

WHEREAS, The SBC has determined that three hundred ninety-one million four hundred seventy-one thousand six hundred forty dollars ($391,471,640) of the excess 2009 Ceiling is eligible as carry-forward and the Governor desires to allocate this amount as carry-forward for projects which are permitted and eligible under the Act;

NOW THEREFORE, I, BOBBY JINDAL, Governor of the State of Louisiana, by virtue of the authority vested by the Constitution and the 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, as amended, and in accordance with the requests for carry-forward filed by the designated issuers, the excess private activity bond volume limit under the 2009 Ceiling is hereby allocated to the following issuers, for the following carry-forward projects, and in the following amounts:

Issuer

Carry-Forward Project

Carry-Forward Amount

Jefferson Parish
Finance Authority

Single Family Mortgage
Revenue Bond Program

$25,000,000

Jefferson Parish
Finance Authority

Single Family Mortgage
Revenue Bond Program

$61,077,910

Lafayette Public
Trust Authority

Single Family Mortgage
Revenue Bond Program

$20,357,910

East Baton Rouge Home
Mortgage Authority

Single Family Mortgage
Revenue Bond Program

$40,717,910

Louisiana Housing
Finance Authority

Single Family Mortgage
Revenue Bond Program

$244,317,910

SECTION 2: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.

SECTION 3: 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 15th day of February, 2010.

Bobby Jindal
Governor

ATTEST BY
THE GOVERNOR
Jay Dardenne
Secretary of State