§5953-F. Recovery zone economic development bonds; qualified energy conservation bonds






To the extent permitted by federal law, the county commissioners of any county may
authorize the bank to issue recovery zone economic development bonds or qualified
energy conservation bonds on behalf of that county. [2009, c. 517, §17 (NEW).]








1. Recovery zone economic development bonds.  
To the extent permitted by federal law, the allocation to counties of the national
recovery zone economic development bond limitation established pursuant to 26 United
States Code, Section 1400U-1, as amended, and as described in Internal Revenue Service
Notice 2009-50, Section 6.03, is reallocated to the bank for further reallocation
by the bank for any project in any county of the State, as long as one half of each
such allocation is further reallocated by the bank to projects located within and
identified by the county commissioners of the county to which such allocation was
originally made, if so identified on or before July 1, 2010. The remaining one half
of such allocations, together with any portion of an allocation initially subject
to reallocation at the direction of the applicable county before July 1, 2010, but
not so reallocated, may be reallocated by the bank for any project in any county of
the State.


[
2009, c. 517, §17 (NEW)
.]








2. Qualified energy conservation bonds.  
To the extent permitted by federal law, 70% of the allocation to the State and to
the counties of the State of the national qualified energy conservation bond volume
limitation established pursuant to 26 United States Code, Section 54D(e), as amended,
and as described in Internal Revenue Service Notice 2009-29, Section 4, is reallocated
to the bank for further reallocation by the bank for any project in any county of
the State, as long as one half of each such allocation is further reallocated by the
bank to projects located within and identified by the county commissioners of the
county to which such allocation was originally made, if so identified on or before
July 1, 2011. The remaining one half of such allocations, together with any portion
of an allocation initially subject to reallocation at the direction of the applicable
county before July 1, 2011, but not so reallocated, may be reallocated by the bank
for any project in any county of the State.


[
2009, c. 517, §17 (NEW)
.]








3. Waivers.  
Reallocations pursuant to this section are considered voluntary and affirmative waivers
by the affected counties for the purposes of 26 United States Code, Section 54D et
seq. and Section 1400U-1 et seq. and any regulations or guidance provided by the United
States Department of the Treasury, Internal Revenue Service thereunder.


[
2009, c. 517, §17 (NEW)
.]





SECTION HISTORY

2009, c. 517, §17 (NEW).