N.Y. Private Activity Bond 47/90 § 10: Year end allocation recapture

* § 10. Year end allocation recapture. On or before October first of

each year, each state agency shall report to the director and each local

agency and each other issuer shall report to the commissioner the amount

of bonds subject to allocation under this act that will be issued prior

to the end of the then current calendar year, and the amount of the

issuer's then total allocation that will remain unused. As of October

fifteenth of each year, the unused portion of each local agency's and

other issuer's then total allocation as reported and the unallocated

portion of the set-aside for state agencies shall be recaptured and

added to the statewide bond reserve and shall no longer be available to

covered bond issuers except as otherwise provided herein. From October

fifteenth through the end of the year, each local agency or other issuer

having an allocation shall immediately report to the commissioner and

each state agency having an allocation shall immediately report to the

director any changes to the status of its allocation or the status of

projects for which allocations have been made which should affect the

timing or likelihood of the issuance of covered bonds therefor. If the

commissioner determines that a local agency or other issuer has

overestimated the amount of covered bonds subject to allocation that

will be issued prior to the end of the calendar year, the commissioner

may recapture the amount of the allocation to such local agency or other

issuer represented by such overestimation by notice to the local agency

or other issuer, and add such allocation to the statewide bond reserve.

The director may likewise make such determination and recapture with

respect to state agency allocations.

* NB Repealed January 1, 1991