A. Except as otherwise provided in the Private Activity Bond Act, all private activity bonds issued by any issuing authority and all mortgage credit certificate elections made by an issuing authority on or after the effective date of the Private Activity Bond Act shall be issued or made pursuant to an unexpired allocation. An issuing authority may issue private activity bonds or make a mortgage credit certificate election using an allocation which has been carried forward from a prior year pursuant to Section 146(f) of the code without obtaining an allocation from the board; provided, however, that the issuing authority shall furnish the board with a confirmation stating that the private activity bonds were issued or the mortgage credit certificate election was made using volume cap which was carried forward from a prior year pursuant to Section 146(f) of the code.

B. At any time in any calendar year any issuing authority may submit to the board a request for allocation seeking an allocation from the state private activity bond fund with respect to a proposed issue of private activity bonds or a proposed mortgage credit certificate election.

History: Laws 1988, ch. 46, § 4.

Compiler's notes. — The phrase "effective date of the Private Activity Bond Act" means March 4, 1988, the effective date of Laws 1988, Chapter 46.

The phrase "Section 146(f) of the code" means 26 U.S.C.S. § 146(f) in the Internal Revenue Code of 1986. See 6-20-2 NMSA 1978.

Applicability. — Laws 1988, ch. 46, § 12, effective March 4, 1988, made the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.