EXECUTIVE ORDER MJF 97-34

Bond Allocation-New Orleans Home Mortgage Authority


WHEREAS: Executive Order MJF 97-25 allocated a portion of the bonds subject to the private activity bond volume limit for the calendar year of 1997 to the New Orleans Home Mortgage Authority to be used for financing mortgage loans for first time home buyers throughout the Parish of Orleans, in accordance with the provisions of Section 143 of the Internal Revenue Code of 1986, as amended; and

WHEREAS: Section 3 of Executive Order MJF 97-25 required the bonds in the bond issue to be delivered to initial purchasers on or before September 4, 1997; and

WHEREAS: due to scheduling considerations, the bond issue was not approved by the State Bond Commission until August 21, 1997; therefore, the bonds will not be deliverable to initial purchasers until late September;

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: Section 3 of Executive Order MJF 97-25 is amended to provide as follows: The granted allocation shall be valid and in full force and effect, provided that such bonds are delivered to the initial purchasers thereof on or before October 14, 1997.

SECTION 2: All other sections and subsections of Executive Order MJF 97-25 shall remain in full force and effect.

SECTION 3: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the Governor, or terminated by operation of law.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 fixed the Great Seal of the State of Louisiana, at the Capitol, in the City of Baton Rouge, on this 29th day of August, 1997.

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

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State