(a) As authorized under 26 U.S.C. § 146(e), the state bond committee shall allocate the private activity bond volume limit for the state. Each year at least 25 percent of the limit shall be allocated to municipalities. If the committee determines that a portion of the limit allocated to municipalities will not be used by a municipality during that year, the committee may reallocate that portion.
Terms Used In Alaska Statutes 37.15.800
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) The committee may make a carry-forward election under 26 U.S.C. § 146(f) with respect to all or a portion of the private activity bond volume limit, including allocations that lapse under (c) or (d) of this section.(c) An amount allocated under (a) of this section lapses on December 30 of the year in which the allocation was made unless
(1) the entity that received the allocation uses it before that date; or(2) the amount allocated is the subject of a carry-forward election under 26 U.S.C. § 146(f).(d) The committee may adopt regulations relating to the lapsing of amounts under (c) of this section. Regulations adopted under this subsection may establish times when allocated amounts will lapse in addition to the time provided in (c) of this section.(e) The committee shall allocate tax credit limits and tax-exempt bond limits for the state in accordance with requirements imposed by federal law in connection with the tax credits and tax-exempt bonds. This subsection does not apply to low-income housing tax credits, qualified veterans’ mortgage bonds under applicable provisions of 26 U.S.C. (Internal Revenue Code), or private activity bonds.(f) In this section,
(1) “private activity bond” means a bond described in 26 U.S.C. § 141;(2) “private activity bond volume limit” means the maximum amount of private activity bonds that may be issued under 26 U.S.C. § 146 during a calendar year in the state by all issuers, including the state, municipalities in the state, and public corporations that are agencies of either the state or a municipality in the state.
