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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
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
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