EXECUTIVE ORDER
BJ 14-2

Carry-Forward Bond Allocation 2013

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 four hundred thirty-seven million one hundred seventy-nine thousand eight hundred thirty-five dollars ($437,179,835) 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 2013 (“2013 Ceiling”);
WHEREAS,  Executive Order No. BJ 2013 – 9, issued on June 6, 2013, allocated twenty-five million dollars ($25,000,000) from the 2013 ceiling to the Louisiana Public Facilities Authority to be used by Louisiana Pellets, Inc. for the acquisition, construction, improvement, and expansion of certain solid waste disposal facilities consisting of an approximately, 393,000 square-foot facility on approximately 334 acres of land to be used for a wood pellets production plant, the primary purpose of which is the processing of wood waste to manufacture biomass wood pellets located in the Parish of LaSalle, State of Louisiana, within the boundaries of the State of Louisiana and $25,000,000 was returned unused to the ceiling.
WHEREAS,  Executive Order No. BJ 2013 – 11, issued on July 23, 2013, allocated five million dollars ($5,000,000) from the 2013 ceiling to the Louisiana Public Facilities Authority to be used by Sheppard Park II, LP for the acquisition and renovation of an existing 80-unit elderly affordable housing property located in Minden, Louisiana, of which 40% of the total units will be reserved for occupancy by housing-eligible tenants at or below 60% area median income, within the boundaries of the State of Louisiana and $5,000,000 was returned unused to the ceiling.
WHEREAS,  Executive Order No. BJ 2013 – 19, issued on December 5, 2013, allocated three hundred million dollars ($300,000,000) from the 2013 ceiling to the Louisiana Community Development Authority to be used by BioNitrogen Louisiana Holdings, LLC to develop and construct multiple urea manufacturing facilities to be located at or near the Pointe Coupee Port operations along the Mississippi River in Pointe Coupee Parish, which its Facilities will transform residual agricultural solid waste and other biomass materials into bulk urea product located in Pointe Coupee Parish, within the boundaries of the State of Louisiana and $300,000,000 was returned unused to the ceiling.
WHEREAS,  Executive Order No. BJ 2013 – 20, issued on December 13, 2013, allocated twenty million dollars ($20,000,000) from the 2013 ceiling to the Calcasieu Parish Public Trust Authority to be used by the Mortgage Credit Certificate Program for the acquisition of certain mortgage notes secured by the mortgages on owner occupied residential, real, or immovable property owned by low and moderate income persons in the Imperial Calcasieu Parish area (Parishes of Calcasieu, Cameron, Allen, Beauregard and Jefferson Davis, Louisiana) originated by participating mortgage lenders, make deposits into certain funds as may be required for security in marketing the bonds; pay capitalized interest on the Bonds; pay the costs of issuance associated with the Bonds to be located in the Parishes of Calcasieu, Cameron, Beauregard, Allen, and Jefferson Davis, State of Louisiana, within the boundaries of the Issuer; and $20,000,000 was returned unused to the ceiling.
WHEREAS,  fifty-five million six hundred seventy-nine thousand eight hundred thirty-five ($55,679,835) of the 2013 Ceiling was not allocated during the 2013 calendar year; and three hundred fifty million dollars ($350,000,000) of the 2013 Ceiling was returned; and
WHEREAS,  The SBC has determined that four hundred five million six hundred seventy-nine thousand eight hundred thirty-five dollars ($405,679,835) of the excess 2013 Ceiling is eligible as carry-forward of which twenty million dollars ($20,000,000) has been allocated, leaving three hundred eighty-five million six hundred seventy-nine thousand eight hundred thirty five dollars ($385,679,835) and the Governor desires to allocate this amount as carry-forward for projects which are permitted and eligible under the Act;
WHEREAS,  Executive Order No. BJ 2013 – 21, issued on December 30, 2013, allocated twenty million dollars ($20,000,000) from the 2013 carry-forward to the Calcasieu Parish Public Trust Authority to be used by the Mortgage Credit Certificate Program for the acquisition of certain mortgage notes secured by the mortgages on owner occupied residential, real, or immovable property owned by low and moderate income persons in the Imperial Calcasieu Parish area (Parishes of Calcasieu, Cameron, Allen, Beauregard and Jefferson Davis, Louisiana) originated by participating mortgage lenders, make deposits into certain funds as may be required for security in marketing the bonds; pay capitalized interest on the Bonds; pay the costs of issuance associated with the Bonds to be located in the Parishes of Calcasieu, Cameron, Beauregard, Allen, and Jefferson Davis, State of Louisiana, within the boundaries of the Issuer;
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 request for carry-forward filed by the designated issuer, the excess private activity bond volume limit under the 2013 Ceiling is hereby allocated to the following issuer(s), for the following carry-forward project(s), and in the following amount(s):

Issuer

Carry-Forward Project

Carry-Forward Amount

Louisiana Community Development Authority Louisiana Housing Corporation

BioNitrogen Louisiana Holdings, LLC Multi-Family Housing Revenue Bonds

$300,000,000
$85,679,835

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 7th day of February, 2014.

 

Bobby Jindal
Governor

ATTEST BY
THE GOVERNOR
Tom Schedler
Secretary of State