[§39B-4]  Report of unused allocation;reversion to State.  The director of finance of each county shall report tothe department in writing by December 15 of each year as to the amount ofallocation to such county which has not been applied to private activity bondsin such year or assigned pursuant to this chapter.

In preparing such report, the director offinance of the county shall deduct any allocation which is unused or unassignedas of December 15 but will be applied to private activity bonds on orprior to December 31 of such year.

Unless the director of finance of the county orany issuer, by written certificate, indicates to the department prior toDecember 15 of each year that it intends to carry forward all or anyportion of its allocation which has not been applied to private activity bondsin such year or assigned pursuant to this chapter, such unused or unassignedallocation shall revert to the State on December 31 and the State shall beentitled to carry forward such unused or unassigned allocation as permitted byfederal law. [L 1991, c 58, §1]