C.R.S. § 24-32-1702: Legislative declaration.

The "Internal Revenue Code of 1986", as amended, limits the total amount of tax-exempt private activity bonds which may be issued by any state and its political subdivisions in each year by imposing volume caps. Said code allows each state to provide by law a formula for allocating the state volume cap among the issuing authorities of the state. This part 17 is enacted to establish an allocation formula for the state of Colorado which maximizes the state's total tax-exempt private activity bond issuance authority and which provides an orderly and equitable process of allocating such authority among issuing authorities of this state.