                                 CODE OF VIRGINIA

REALLOCATION OF BOND AUTHORITY (§ 15.2-5004)

The allocation formulas prescribed in this chapter are established to utilize
the entire state ceiling on private activity bonds by providing issuing
authority to housing and industrial development projects. The allocation to
local housing authorities and the allocation for industrial development provided
in § 15.2-5002 shall be effective for such period in each calendar year as is
set forth in the guidelines established pursuant to § 15.2-5003.
		Any unused bond authority remaining in any category after the effective period
of the allocation set forth in such guidelines shall be reallocated to the
Virginia Housing Development Authority (and any unused bond authority allocated
to the Virginia Housing Development Authority shall continue to be allocated to
the Virginia Housing Development Authority) in the amount requested by the
Virginia Housing Development Authority, subject to the receipt by the Director
of the Department of Housing and Community Development of assurances from the
Virginia Housing Development Authority of anticipated usage of such amount of
unused bond authority within the time period permitted by federal law, and any
remaining amount that is not so reallocated (or continued to be allocated) to
the Virginia Housing Development Authority shall be reallocated according to the
guidelines established by the Board of the Department of Housing and Community
Development and the Virginia Small Business Financing Authority. The guidelines
shall also provide a priority system for the reallocation of any such remaining
unused bond authority not reallocated (or continued to be allocated) to the
Virginia Housing Development Authority at year-end to projects that are eligible
to carry forward issuing authority to later years. The provisions of this
section shall not apply to the amount of the state ceiling set aside for the
state allocation during any calendar year.

HISTORY: 1987, c. 306, § 15.1-1399.16; 1989, c. 35; 1990, c. 299; 1995, c. 128;
1997, c. 587; 2008, c. 445.