H.B. 268

1

AMENDMENTS ON AFFORDABLE HOUSING
2 1997 GENERAL SESSION
3 STATE OF UTAH
4 Sponsor: J. Brent Haymond
5 AN ACT RELATING TO BONDING; AMENDING ALLOCATIONS OF PRIVATE ACTIVITY
6 BONDING; AND PROVIDING AN EFFECTIVE DATE.
7 This act affects sections of Utah Code Annotated 1953 as follows:
8 AMENDS:
9 9-4-506, as last amended by Chapter 316, Laws of Utah 1996
10 Be it enacted by the Legislature of the state of Utah:
11 Section 1. Section 9-4-506 is amended to read:
12 9-4-506. Allotment accounts.
13 (1) There are created the following allotment accounts:
14 (a) the Single Family Housing Account, for which eligible issuing authorities are those
15 authorized under the code and state statute to issue qualified mortgage bonds under Section 143
16 of the code;
17 (b) the Student Loan Account, for which eligible issuing authorities are those authorized
18 under the code and state statute to issue qualified student loan bonds under Section 144(b) of the
19 code;
20 (c) the Small Issue Bond Account, for which eligible issuing authorities are those
21 authorized under the code and state statute to issue qualified small issue bonds under Section
22 144(a) of the code or qualified exempt facility bonds for qualified residential rental projects under
23 Section 142(d) of the code;
24 (d) the Exempt Facilities Account, for which eligible issuing authorities are those
25 authorized under the code and state statute to issue bonds requiring an allocation of volume cap
26 other than for purposes described in Subsections (a), (b), or (c);
27 (e) the Pool Account, for which eligible issuing authorities are those authorized under the

1 code and state statute to issue bonds requiring an allocation of volume cap; and
2 (f) the Carryforward Account, for which eligible issuing authorities are those with projects
3 or programs qualifying under Section 146(f) of the code.
4 (2) (a) The volume cap shall be distributed to the various allotment accounts on January
5 1 of each year on the following basis:
6 (i) [42%] h [ 48%] [ 47% ] 42% h to the Single Family Housing Account;
7 (ii) 33% to the Student Loan Account;
8 (iii) [12%] h [6%] 1% h to the Exempt Facilities Account; and
9 (iv) h [13%] [ 19% ] 24% h to the Small Issue Bond Account.
10 (b) From July 1 to September 30 of each year, the board of review may transfer any
11 unallocated volume cap from the Exempt Facilities Account or the Small Issue Bond Account to
12 the Pool Account.
13 (c) The board of review, upon written notification by the issuing authorities eligible for
14 volume cap allocation from the Single Family Housing Account or the Student Loan Account that
15 all or a portion of volume cap distributed into that allotment account will not be utilized, may
16 transfer such volume cap between the Single Family Housing Account and the Student Loan
17 Account.
18 (d) From October 1 to the third Friday of December of each year, all unallocated volume
19 cap shall be transferred into the Pool Account.
20 (e) Unallocated volume cap or allocated volume cap for which bonds have not been issued
21 prior to the third Saturday of December shall be transferred on that date into the Carryforward
22 Account.
23 (f) If the authority to issue bonds designated in any allotment account is rescinded by
24 amendment to the code, the board of review may transfer any unallocated volume cap from such
25 allotment account to any other allotment account.
26 Section 2. Effective date.
27 This act takes effect on January 1, 1998.

lilac-February 21, 1997

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REVISED - lilac-February 24, 1997

Legislative Review Note
as of 1-23-97 5:23 PM

A limited legal review of this bill raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel

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