(a) The department, with the approval of the governor, may allocate all or any part of the state ceiling to any issuer for a specific calendar year or shorter period. At the request of the department, any issuer to which any part of the state ceiling has been allocated, and with respect to which bonds have not yet been sold, shall return all or part of the allocation as the department has requested, in which case the department shall provide for its reallocation.
Issuer: means any state or county department, board, commission, authority or officer, or not-for-profit corporation authorized to issue bonds under the laws of the State. See Hawaii Revised Statutes 39C-1
State ceiling: means any annual or other limit on the principal amount of bonds that may be issued by issuers, with tax exempt interest, tax credits, interest subsidies or other benefits under the Internal Revenue Code of 1986, as amended, which limit is imposed under or pursuant to the American Recovery and Reinvestment Act, Public Law 111-5, or any subsequent federal legislation. See Hawaii Revised Statutes 39C-1
Statute: A law passed by a legislature.
(b) In the event allocations of the state ceiling are made directly to issuers other than the State by federal statute or by the United States Department of the Treasury or other federal authority, including by requiring the State to make specified allocations, to the extent permitted by federal law or procedure, the department may require or request recipients of such allocations to report any plans the recipient may have to use the allocation in the form and by a date as the department may specify and to transfer to the State any allocation that the recipients do not plan to use or which the department determines is not reasonably expected to be used, in which case the department may provide for its reallocation.(c) Any issuer may request of the department an allocation or additional allocation of the state ceiling or transfer or return all or any portion of its allocation of the state ceiling to the State.
