(a) The state ceiling applicable to the State for each calendar year is allocated, and the volume cap for the state and local governmental issuers for each calendar year after 1987 is, as follows:
(b) The entire volume cap of the State for each calendar year shall be retained by the State for future allocation by the Governor among the Delaware State Housing Authority and the other governmental issuers within the State.
(c) Each issuer's volume cap may be used for any type of private activity bond and other tax-exempt obligations to which § 146 of the Code [26 U.S.C. § 146] applies.
(d) The Governor shall have the right, by executive order, to modify the allocations made under subsection (a) of this section; provided, however, that no such modification shall cause any obligation issued prior to the date of such modification to lose its qualification for tax-exempt treatment under the Code. This authority given to the Governor shall be exercisable by the Governor in the Governor's discretion, but in so doing, the Governor shall consider any recommendation by the Committee that is adopted by a majority of the Committee's members.
(e) An issuer's application and allocation of any portion of its volume cap to any obligations of such issuer shall be considered effective upon such issuer's delivery to the Secretary of Finance of a notice of the issuance of the obligations identifying the issuer, the proposed purchaser of such obligations, the amount of its volume cap allocated to such obligations and the purpose of the financing, and providing such other information as the Secretary of Finance may require. Upon the request of any issuer, the Governor or the Secretary of Finance shall certify, based on notices of issuance and notices of reassignments filed with the Secretary of Finance pursuant to this section, whether or not:
(1) Volume cap in the required amount is available for the issuer in connection with the issuance of certain of its obligations; and
(2) There is a valid allocation of volume cap for such issue pursuant to Section 146 of the Internal Revenue Code of 1986 [26 U.S.C. § 146].
(f) At the end of each calendar year commencing with calendar year 2020, any volume cap of a city or county, which has not been used by a city or county as determined by the records of the Secretary of Finance, automatically reverts to the State, and is carried forward subject to subsection (d) of this section and requirements of the Code.