2000 Legislation
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HOUSE BILL NO. 592 – Bond ceiling allocation, formula

HOUSE BILL NO. 592

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Daily Data Tracking History



H0592.......................................by COMMERCE AND HUMAN RESOURCES
BOND CEILING ALLOCATION - Amends existing law regarding the Idaho Private
Activity Bond Ceiling Allocation Act to provide that the allocation formula
be implemented and administered by the governor based on the chronological
order in which applications from governmental units are received; to
provide that the executive order implementing the allocation formula shall
not change the formula in any way; and to provide that an executive order
established before the effective date of this act shall be null and void
and a new executive order shall be issued.
                                                                        
02/16    House intro - 1st rdg - to printing
02/17    Rpt prt - to St Aff

Bill Text


 H0592
                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-fifth Legislature                  Second Regular Session - 2000
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 592
                                                                        
                         BY COMMERCE AND HUMAN RESOURCES COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO THE IDAHO PRIVATE ACTIVITY BOND CEILING ALLOCATION  ACT;  AMENDING
  3        SECTION  50-2803,  IDAHO  CODE,  TO PROVIDE THAT THE ALLOCATION FORMULA BE
  4        IMPLEMENTED AND ADMINISTERED BY THE GOVERNOR BASED  ON  THE  CHRONOLOGICAL
  5        ORDER  IN  WHICH  APPLICATIONS  FROM  GOVERNMENTAL UNITS ARE RECEIVED; AND
  6        AMENDING SECTION 50-2804, IDAHO CODE, TO PROVIDE THAT THE EXECUTIVE  ORDER
  7        IMPLEMENTING  THE  ALLOCATION  FORMULA SHALL NOT CHANGE THE FORMULA IN ANY
  8        WAY, TO PROVIDE THAT AN EXECUTIVE ORDER ESTABLISHED BEFORE  THE  EFFECTIVE
  9        DATE OF THIS ACT SHALL BE NULL AND VOID AND A NEW EXECUTIVE ORDER SHALL BE
 10        ISSUED AND TO MAKE TECHNICAL CORRECTIONS.
                                                                        
 11    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
 12        SECTION  1.  That  Section 50-2803, Idaho Code, be, and the same is hereby
 13    amended to read as follows:
                                                                        
 14        50-2803.  ALLOCATION FORMULA. The  entire  state  ceiling  for  the  year,
 15    including  any  carry-forward under section 146(f) of the code, shall be allo-
 16    cated by the following formula. The state ceiling shall be  allocated  by  the
 17    state  to  governmental  units, as needed to finance specific projects, on the
 18    basis of the chronological order in which applications from governmental units
 19    for an allocation of the state ceiling are received by the  agency  designated
 20    in  the  executive  order.  The allocation formula established by this section
 21    shall be implemented and administered in chronological order by  the  governor
 22    pursuant to the terms and provisions of the executive order.
                                                                        
 23        SECTION  2.  That  Section 50-2804, Idaho Code, be, and the same is hereby
 24    amended to read as follows:
                                                                        
 25        50-2804.  AUTHORITY OF  THE  GOVERNOR.  The  governor  is  authorized  and
 26    directed  to  provide for the implementation and administration of the alloca-
 27    tion formula established in section 50-2803, Idaho Code, by  executive  order.
 28    The  executive  order  shall: (i) establish rules and procedures for the form,
 29    contents, submission, processing and approval of applications for  allocations
 30    of  the state ceiling,; (ii) designate an agency for receipt, verification and
 31    approval of applications and for authorization of allocations,; (iii)  provide
 32    for the carry-forward of an allocation under section 146(f) of the code,; (iv)
 33    provide  for  the issuance to governmental units of certificates evidencing an
 34    allocation of the state ceiling,; (v) establish a period of time within  which
 35    allocations  must  be used,; (vi) provide for a means of reallocating portions
 36    of the state ceiling with respect to allocations  for  bonds  or  certificates
 37    that  are  not actually issued or are issued in a lesser amount than that por-
 38    tion of the state ceiling which was allocated to the bonds,; and (vii) provide
 39    for, through the establishment of rules and procedures or otherwise, any other
 40    matters necessary or desirable to implement and administer the allocation for-
 41    mula and to provide for an efficient use of the state ceiling;  provided  how-
                                                                        
                                           2
                                                                        
  1    ever,  that the executive order and any rules or procedures established pursu-
  2    ant thereto shall not change the allocation formula in any way. Any  executive
  3    order  established  before the effective date of  this act shall be considered
  4    null and void and a new executive order shall be issued.

Statement of Purpose / Fiscal Impact


     
                           
                STATEMENT OF PURPOSE 
                      RS 09984 
     
     The federal government limits the amount of certain tax-exempt bonds that may
     be issued in each state. The limitation in Idaho is $150,000,000. The legislature
     established, by law, a formula and provided authorization for an Executive Order
     to be issued for the administration of such formula. 
     
     An Executive Order was issued in 1998 that provided an element outside of the
     formula established by the law. This legislation would reinforce the formula
     established by the legislature and require a new Executive Order be issued to
     administer the allocation formula. 
     
     
                           
                    FISCAL IMPACT
     
     None. 
     
     
     
     
     Contact 
     Name: Rep. Robert E. Schaefer
     Phone: 332-1000 
     
                                                  STATEMENT OF PURPOSE/FISCAL NOTE                                    H 592