State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-50 > 15-2-5004§ 15.2-5004. Reallocation of bond authority.
The allocation formulas prescribed in this chapter are established to utilizethe entire state ceiling on private activity bonds by providing issuingauthority to housing and industrial development projects. The allocation tolocal housing authorities and the allocation for industrial developmentprovided in § 15.2-5002 shall be effective for such period in each calendaryear as is set forth in the guidelines established pursuant to § 15.2-5003.
Any unused bond authority remaining in any category after the effectiveperiod of the allocation set forth in such guidelines shall be reallocated tothe Virginia Housing Development Authority (and any unused bond authorityallocated to the Virginia Housing Development Authority shall continue to beallocated to the Virginia Housing Development Authority) in the amountrequested by the Virginia Housing Development Authority, subject to thereceipt by the Director of the Department of Housing and CommunityDevelopment of assurances from the Virginia Housing Development Authority ofanticipated usage of such amount of unused bond authority within the timeperiod permitted by federal law, and any remaining amount that is not soreallocated (or continued to be allocated) to the Virginia HousingDevelopment Authority shall be reallocated according to the guidelinesestablished by the Board of the Department of Housing and CommunityDevelopment and the Virginia Small Business Financing Authority. Theguidelines shall also provide a priority system for the reallocation of anysuch remaining unused bond authority not reallocated (or continued to beallocated) to the Virginia Housing Development Authority at year-end toprojects that are eligible to carry forward issuing authority to later years.The provisions of this section shall not apply to the amount of the stateceiling set aside for the state allocation during any calendar year.
(1987, c. 306, § 15.1-1399.16; 1989, c. 35; 1990, c. 299; 1995, c. 128; 1997,c. 587; 2008, c. 445.)
