Whereas, The deferred operation of this act would tend to defeat its purpose, which is to provide a method for allocating among the various issuers of private activity bonds the annual state ceiling on the amount of such bonds which can be issued and also qualify for exemption from taxation under the provisions of the Internal Revenue Code of the United States, as amended by Public Law 99-514, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. As used in this act, unless the context clearly indicates otherwise, all terms shall have the meanings set forth in the Internal Revenue Code, as amended by Public Law 99-514.
SECTION 2. The total amount of the state ceiling applicable to Massachusetts for any calendar year shall be assigned to the commonwealth, acting by and through the executive office for administration and finance.
The secretary of administration, hereinafter referred to in this act as the secretary shall allocate any of such state ceiling to issuers of private activity bonds within the state, including municipalities and issuers of student loan bonds and other private activity bonds requiring allocation at such time as he shall determine, consistent with and pursuant to the provisions of the said Internal Revenue Code. The secretary shall allocate the annual state ceiling only to those bonds as to which he has received a notice of intent to issue from the proposed issuer. All allocations by the secretary shall be made after consultation with a committee composed of the secretary of communities and development, the secretary of environmental affairs, the director of the governor's office of economic development, and the director of the governor's office of educational affairs, or their designees. The secretary may also reassign any of the annual state ceiling assigned to the commonwealth pursuant to this section to the department of community affairs or to the Massachusetts Industrial Finance Agency for further allocation or for carryforward, in accordance with such conditions as he shall specify; provided, however, that at the time of any such assignment he shall specify when and if such reassignment shall expire.
SECTION 3. Each such allocation of the annual state ceiling made by the said secretary shall be in writing, shall be made for a specific bond issue or issues, and shall specify the date on or before which the bonds must be issued in order for the allocation to be effective. No allocation in any year, except for carryforwards described in section four, shall have an expiration date later than December thirty-first of said year.
SECTION 4. The said secretary may carry forward any unused portion of the remaining annual state ceiling assigned or reassigned to the commonwealth pursuant to section two of this act for any bonds eligible for a carryforward of state ceiling under the applicable provisions of the said Internal Revenue Code. No annual state ceiling may be allocated to carryforward projects prior to November first.
SECTION 5. The said secretary, or his designee, is authorized to make all representations, file all documents and take all other actions in the name and on the behalf of the commonwealth as may be required for compliance with the provisions of the said Internal Revenue Code and to implement this act. In the event that any portion of his responsibilities are assigned to the department of community affairs or to the Massachusetts Industrial Finance Agency, appropriate provision for designations shall be made by the secretary and all designations made pursuant to this section shall be evidenced in writing.
SECTION 6. The said secretary shall make reasonably available to the public information as to the amount of state ceiling not yet allocated and the expiration dates for all state ceiling allocated by him, and shall confirm upon request an allocation of state ceiling to a particular bond issue or issues and the duration thereof.
Prior to making any allocations, the secretary shall adopt guidelines governing allocation.