Sec. 4. (a) On or before January 1 of each year, the authority shall determine the dollar amount of the volume cap for that year.

(b) Each year the volume cap shall be allocated among the categories specified in section 3 of this chapter as follows:

Percentage of

Type of Bonds

Volume Cap

Bonds issued by the authority

9%

Bonds issued by the IHCDA

28%

Bonds issued by the ISMEL

1%

Bonds issued by local units or other

issuers under section 3(a)(4)

of this chapter

42%

Bonds issued by local units or other

issuers under section 3(a)(5)

of this chapter

20%

(c) Except as provided in subsection (d), the amount allocated to a category represents the maximum amount of the volume cap that will be reserved for bonds included within that category.

(d) The authority may adopt a resolution to alter the allocations made by subsection (b) for a year if the authority determines that the change is necessary to allow maximum usage of the volume cap and to promote the health and well-being of the residents of Indiana by promoting the public purposes served by the bond categories then subject to the volume cap.

(e) The governor may, by executive order, establish for a year a different dollar amount for the volume cap, different bond categories, and different allocations among the bond categories than those set forth in or established under this section and section 3 of this chapter if it becomes necessary to adopt a different volume cap and bond category allocation system in order to allow maximum usage of the volume cap among the bond categories then subject to the volume cap and to promote the health, welfare, and well-being of the residents of Indiana by promoting the public purposes served by the bond categories then subject to the volume cap.

As added by P.L.189-2018, SEC.25. Amended by P.L.10-2019, SEC.27.