N.Y. Private Activity Bond 47/90 § 9: Municipal reallocation

* § 9. Municipal reallocation. The chief executive officer of any

political subdivision or, if such political subdivision has no chief

executive officer, the governing board of the political subdivision for

the benefit of which a local agency has been established, may withdraw

all or any portion of the allocation granted by section three of this

act to such local agency. The political subdivision may then reallocate

all or any portion of such allocation, as well as all or any portion of

the allocation received pursuant to section eight of this act, to itself

or any other issuer established for the benefit of that political

subdivision or may assign all or any portion of the allocation received

pursuant to section eight of this act to the local agency created for

its benefit. The chief executive officer or governing board of the

political subdivision, as the case may be, shall notify the commissioner

of any such reallocation.

* NB Repealed January 1, 1991