EXECUTIVE ORDER MJF 96-33

Bond Allocation-East Baton Rouge Mortgage Finance Authority


WHEREAS: pursuant to the Tax Reform Act of 1986 (hereafter "the Act") and Act 51 of the 1986 Louisiana Legislature, Executive Order Number MJF 96-25 (hereafter "MJF 96-25") was issued on August 27, 1996 to establish (1) a method for allocating bonds subject to private activity bond volume limits, including the method of allocating bonds subject to the private activity bond volume limits for the calendar year of 1996 (hereafter "the 1996 Ceiling"); (2) the procedure for obtaining an allocation of bonds under the 1996 Ceiling; and (3) a system of central record keeping for such allocations;

WHEREAS: the East Baton Rouge Mortgage Finance Authority has requested an allocation from the 1996 Ceiling to be used in connection with a program (the "Program") of financing mortgage loans for first time homebuyers throughout the Parish of East Baton Rouge in accordance with the provisions of Section 143 of the Internal Revenue Code of 1986, as amended (the "Code"); and

WHEREAS: the Governor has determined that the Project serves a crucial need and provides a substantial benefit to the State of Louisiana and the Parish of East Baton Rouge within the meaning of Subsection 4.11 of MJF 96-25;

NOW THEREFORE I, M.J. "MIKE" FOSTER, JR., Governor of the State of Louisiana, by virtue of the authority vested by the Constitution and laws of the State of Louisiana, do hereby order and direct as follows:

SECTION 1: The bond issue, as described in this Section, shall be and is hereby granted an allocation from the 1996 Ceiling as follows:




  AMOUNT OF     NAME OF         		NAME OF

 ALLOCATION     ISSUER          		PROJECT

 $12,500,000    East Baton Rouge   		Single Family Mortgage

          	Mortgage Finance Authority    	Revenue Bonds

SECTION 2: The granted allocation shall be used only for the bond issue described in Section 1 and for the general purpose set forth in the "Application for Allocation of a Portion of the State of Louisiana Private Activity Bond Ceiling" submitted in connection with the bond issue described in Section 1.

SECTION 3: The granted allocation shall be valid and in full force and effect through the end of 1996, provided that such bonds are delivered to the initial purchasers thereof on or before November 27, 1996.

SECTION 4: Due to the extraordinary benefit to the State of Louisiana served by the granted allocation, to the extent that any provision of this Order conflicts with any of the provisions of MJF 96-25, the provisions of this Order are permitted and shall prevail pursuant to Subsection 4.11 of MJF 96-25.

SECTION 5: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.

SECTION 6: The undersigned certifies, under penalty of perjury, that the granted allocation was not made in consideration of any bribe, gift, or gratuity, or any direct or indirect contribution to any political campaign. The undersigned also certifies that the granted allocation meets the requirements of Section 146 of the Internal Revenue Code of 1986, as amended.

SECTION 7: 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 17th day of September, 1996.

M.J. "Mike" Foster, Jr.
Governor

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State