(1) Fifty percent of the state ceiling less any amount allocated to designated local issuing authorities pursuant to section 24-32-1706 shall be allocated within twenty days after May 20, 1987, and as of January 15 of each year thereafter, to the statewide balance.In addition, the statewide balance shall include any amounts relinquished thereto pursuant to section 24-32-1705 (3) or (4), section 24-32-1706 (3) or (4), subsection (8) of this section, section 24-32-1708, or section 24-32-1710 (3).

(2) (a) Until September 15 of each year, the statewide balance may be allocated only among:

(I) Issuing authorities that are not designated local issuing authorities;

(II) State issuing authorities that did not receive a direct allocation pursuant to section 24-32-1705; or

(III) Any designated local or state issuing authorities that have, prior to the date of receipt of an allocation from the statewide balance, relinquished to the statewide balance pursuant to section 24-32-1705 or 24-32-1706 any of their initial allocation remaining after any or all of their initial allocation has been used for the issuance of bonds in respect of which a form 8038 has been filed pursuant to section 24-32-1708.

(b) On and after September 15 each year, the statewide balance may be allocated among all issuing authorities. The executive director shall make all of the allocations from the statewide balance in his or her sole discretion with the advice of the committee and in accordance with the priorities pursuant to this section.

(3) There is hereby created, within the department, a bond allocations committee, composed of nine members, as follows: The executive director, who shall act as chairman of the committee; four municipal or county officials, one of whom shall represent a municipality or county west of the continental divide; three citizens at large, one of whom shall reside west of the continental divide; and one representative of the state issuing authorities who shall be appointed annually and serve at the pleasure of the governor. The four municipal or county officials and the three citizens at large shall be appointed by the governor for terms not to exceed three years, and such members shall serve at the pleasure of the governor. Any vacancy occurring in the membership of the committee shall be filled by the governor by appointment for the unexpired term of such member. The members of the committee shall serve without compensation; except that members shall be entitled to reimbursement for actual and necessary expenses. The executive director may convene the committee from time to time as he deems necessary.

(4) The committee shall review and recommend to the executive director statewide priorities for the allocation of the statewide balance. Prior to the making of such recommendations, the department shall hold one or more public meetings to obtain input from the public regarding statewide priorities for the current year, information regarding the use of all bond allocations in the prior year, and other appropriate matters.

(5) An issuing authority shall apply for an allocation from the statewide balance by submitting a completed application for an allocation which contains the information and attachments required by section 24-32-1709.

(6) (a) (Deleted by amendment, L. 2009, (SB 09-041), ch. 56, p. 199, § 4, effective March 25, 2009.)

(b)

(I) (Deleted by amendment, L. 2009, (SB 09-041), ch. 56, p. 199, § 4, effective March 25, 2009.)

(II) Repealed.

(7) Allocations from the statewide balance shall be effective for a statewide balance award period which shall be determined and may be extended by the executive director for each allocation. Allocations from the statewide balance shall not be assignable.

(8) Any issuing authority may relinquish all or any part of its allocation to the statewide balance at any time by so notifying the department in writing.

(9) Repealed.

(10) Until October 31 of each year, no allocation of the statewide balance shall be made for carryforward purposes.

(11) The executive director is authorized to contract with a private person, corporation, or entity for the review of applications for bonding authority from the statewide balance for industrial development bonds.