The "Internal Revenue Code of 1986", as amended, limits the total amount of tax-exempt private activity bonds which may be issued by any state and its political subdivisions in each year by imposing volume caps. Said code allows each state to provide by law a formula for allocating the state volume cap among the issuing authorities of the state. This part 17 is enacted to establish an allocation formula for the state of Colorado which maximizes the state's total tax-exempt private activity bond issuance authority and which provides an orderly and equitable process of allocating such authority among issuing authorities of this state.
Source: L. 87: Entire part added, p. 988, § 1, effective May 20.
Structure Colorado Code
Article 32 - Department of Local Affairs
Part 17 - Private Activity Bond Ceiling Allocation
§ 24-32-1702. Legislative Declaration
§ 24-32-1704. Allocation of State Ceiling
§ 24-32-1705. Allocations to State Issuing Authorities
§ 24-32-1706. Allocations to Designated Local Issuing Authorities
§ 24-32-1707. Statewide Balance
§ 24-32-1708. Bond Issuance and Mortgage Credit Certificate Election - Reporting Requirement
§ 24-32-1709. Application for Allocation From Statewide Balance
§ 24-32-1710. Notifications and Validity of Allocations From the Statewide Balance
§ 24-32-1711. Statewide Balance Carryforward Allocations
§ 24-32-1712. Time Period Must End on Business Day
§ 24-32-1713. Effect of Mortgage Credit Certificate Election or Issuance of Bonds Without Allocation