N.Y. Private Activity Bond 47/90 § 11: Allocation carryforward

* § 11. Allocation carryforward. 1. No local agency or other issuer

shall make a carryforward election utilizing any unused allocation

(pursuant to section 146(f) of the code) without the prior approval of

the commissioner. Likewise no state agency shall make or file such an

election, or elect to issue or carry forward mortgage credit

certificates, without the prior approval of the director.

2. On or before November fifteenth of each year, each state agency

seeking unused statewide ceiling for use in future years shall make a

request for an allocation for a carryforward to the director, whose

approval shall be required before a carryforward election is filed by or

on behalf of any state agency. A later request may also be considered by

the director, who may file a carryforward election for any state agency

with the consent of such agency.

3. On or before November fifteenth of each year, each local agency or

other issuer seeking unused statewide ceiling for use in future years

shall make a request for an allocation for a carryforward to the

commissioner, whose approval shall be required before a carryforward

election is filed by or on behalf of any local or other agency. A later

request may also be considered by the commissioner.

* NB Repealed January 1, 1991