After considering a request for allocation, the board may within a reasonable time, as determined by the board, issue an allocation; provided, however, that an allocation requested by an issuing authority pursuant to Subsection A or B of Section 3 [6-20-3 NMSA 1978] of the Private Activity Bond Act shall be issued by the board within a reasonable time after a request for allocation is submitted to the board. An allocation shall state the amount, in dollars, of the state ceiling allocated, and shall state the allocation expiration date.
History: Laws 1988, ch. 46, § 6.
Applicability. — Laws 1988, ch. 46, § 12, effective March 4, 1988, makes the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
Structure 2021 New Mexico Statutes
Article 20 - Private Activity Bonds
Section 6-20-3 - Allocation of state ceiling.
Section 6-20-4 - Issuance of private activity bonds.
Section 6-20-5 - Request for allocation.
Section 6-20-7 - Carryforward election allocations.
Section 6-20-9 - Assignments of allocations and carryforward election allocations.