     The Governor shall submit to the Legislature, after January 1, 1988 and on or before January 20, 1988, and after January 1 and on or before January 20 annually thereafter, a written report providing a review of the allocation of the State's private activity bond volume ceiling during the preceding calendar year and the preliminary allocation anticipated for the current calendar year. If the information concerning the preliminary allocation is not available on each January 20, the Governor shall submit that information to the Legislature as soon as the information is available. The annual report shall include for the year being reviewed and for the current calendar year, as may be applicable:

    a.   A statement of the annual Statewide private activity bond volume ceiling;

    b.   An explanation of any formula used or to be used for the allocation among issuers;

    c.   The name of issuers granted any portion of the annual volume ceiling, the amount of the volume ceiling allocated to each issuer, the amount of bonds issued under the classifications of qualified private activity bonds set forth in section 141(d)(1) of the Code, a description of the nature of each bond issuance under the cap and the private business use applicable to the bonds, and any elective carryforward and reallocation and the use and purposes thereof; and

    d.   A statement of guidelines, terms and conditions, and procedures established by any department of State Government or issuer promulgated under the authority of section 4 of this act and under the authority of any executive action taken thereunder, and any action concerning the allocation of the annual volume cap or any carryforward that is an exception or deviation from the standard guidelines, terms and conditions, and procedures.

    The Governor shall also submit to the Legislature in writing, as soon as is possible, any modification or revocation of an allocation procedure or formula established pursuant to section 4 of this act.

    1987,c.393, s.5.

Last modified: October 22, 2006