Carry-Forward Bond Allocation 2012
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 the method of allocating bonds subject to
(1) 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 four hundred thirty-four million six hundred and nine thousand four hundred twenty dollars ($434,609,420) 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 2012 (“2012 Ceiling”);
WHEREAS, Executive Order No. BJ 2012 – 23, issued on October 31, 2012, allocated sixteen million dollars ($16,000,000) from the 2012 ceiling to the Louisiana Local Government Environmental Facilities and Community Development Authority to be used for the financing by BFNO Properties LLC of the acquisition, rehabilitation and equipping of a 272 -unit residential rental facility for individuals and families of low and moderate income located in New Orleans, Louisiana and $200,000 was returned unused to the ceiling.
WHEREAS, four hundred eighteen million six hundred nine thousand four hundred twenty dollars ($418,609,420) of the 2012 Ceiling was not allocated during the 2012 calendar year; and two hundred thousand dollars ($200,000) of the 2012 Ceiling was returned; and
WHEREAS, The SBC has determined that four hundred eighteen million eight hundred nine thousand four hundred and twenty dollars ($418,809,420) of the excess 2012 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 2012 Ceiling is hereby allocated to the following issuer(s), for the following carry-forward project(s), and in the following amount(s):
Louisiana Pellets, Inc.
Louisiana Housing Corporation
Multifamily Mortgage Revenue Bonds
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 8th day of February, 2013.
Secretary of State