H.B. 268 Enrolled

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

or programs qualifying under Section 146(f) of the code.
(2) (a) The volume cap shall be distributed to the various allotment accounts on January 1
of each year on the following basis:
(i) 42% to the Single Family Housing Account;
(ii) 33% to the Student Loan Account;
(iii) [12%] 1% to the Exempt Facilities Account; and
(iv) [13%] 24% to the Small Issue Bond Account.
(b) From July 1 to September 30 of each year, the board of review may transfer any
unallocated volume cap from the Exempt Facilities Account or the Small Issue Bond Account to the
Pool Account.
(c) The board of review, upon written notification by the issuing authorities eligible for
volume cap allocation from the Single Family Housing Account or the Student Loan Account that
all or a portion of volume cap distributed into that allotment account will not be utilized, may
transfer such volume cap between the Single Family Housing Account and the Student Loan
Account.
(d) From October 1 to the third Friday of December of each year, all unallocated volume cap
shall be transferred into the Pool Account.
(e) Unallocated volume cap or allocated volume cap for which bonds have not been issued
prior to the third Saturday of December shall be transferred on that date into the Carryforward
Account.
(f) If the authority to issue bonds designated in any allotment account is rescinded by
amendment to the code, the board of review may transfer any unallocated volume cap from such
allotment account to any other allotment account.
Section 2. Effective date.
This act takes effect on January 1, 1998.

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