NO. 84-11
WHEREAS, on July 18, 1984, the President of the United States signed into law Public Law 98-369 (the Deficit Reduction Act of 1984); an
WHEREAS, Section 621 of P.L. 98-369 restricts the total principal amount of certain industrial development bonds and student loan bonds, designated in P.L. 98-369 as "private activity bonds", the interest on which is exempt from federal income taxes under Section 103 of the Internal Revenue Code of 1954, as amended, which may be issued within any state of the United States during each calendar year; and
WHEREAS, the provisions of Section 621 of P.L. 98-369 are retroactive to January 1, 1984, except that private activity bonds issued for projects for which an inducement resolution was adopted prior to June 19, 1984, are not subject to the volume limitations imposed by Section 621 of P.L. 98-369, provided such bonds are issued on or before December 31, 1984; and
WHEREAS, Section 621 of P.L. 98-369 provides a formula for allocating the total amount of private activity bonds which may be issued within a state in each calendar year (hereinafter "ceiling"), among the various state agencies, cities, counties and other issuing authorities in the state (hereinafter "issuer(s) or bond issuer(s)"), which formula shall become effective unless the legislature of a state or the Governor of a state provides for a different formula for allocating the ceiling within the state; and
WHEREAS, the provisions of Section 621 of P.L. 98-369 for allocating the amount of bonds which may be issued within the State of Missouri during each calendar year are inequitable and could result in a decrease in the amount of economic activity within the State of Missouri and could also result in a decrease in the amount of financing available for pollution control facilities, and for aid to post-secondary students in Missouri; and
WHEREAS, in accordance with the provisions of Section 621 of P.L. 98-369, the Governor of the State of Missouri deems the best interest of the citizens of the State of Missouri to be served by an Executive Order that will permit an orderly and equitable allocation of the amount of private activity bonds which can be issued by bond issuers of the State of Missouri pursuant to the ceiling described in Section 62i of P.L. 98-369,
NOW, THEREFORE, I, CHRISTOPHER 5. BOND, GOVERNOR OF THE STATE OF MISSOURI, by virtue of the authority vested in me by the Constitution and laws of Missouri, as well as by Section 621 of P.L. 98-369, do hereby proclaim and order that in lieu of the formula for allocating the state ceiling specified in Section 621 of P.L. 98-369, the following formula shall be used for allocating the ceiling for the State of Missouri available for calendar year 1984 and each year thereafter, unless and until the General Assembly of Missouri enacts a law or any subsequent Executive Order is issued by the Governor providing for a different formula for allocation.
Section 1. For calendar year 1984, and for each year thereafter, the ceiling shall be allocated to bond issuers by the Director of the Department of Consumer Affairs, Regulation and licensing (hereinafter "Director") in accordance with the terms and conditions of this Order.
Section 2. Prior to any issuance of private activity bonds that are subject to the ceiling all issuers, whether state or local, shall first make request for an allocation by filing a signed application for each project with the Director in the form prescribed by the Director. Such application shall include but shall not be limited to the To lowing:
(a) appropriate information regarding the bond issuer and the governmental unit having jurisdiction over the project;(b) appropriate information regarding the project for which an allocation is requested;
(c) the date of adoption by the bond issuers of an inducement resolution;
(d) the amount of allocation being requested; and
(e) any other information as may be prescribed by the Director.
Section 3. The Director shall consider and approve each properly filed application for an allocation of $10 million or less on the basis of the chronological order of receipt from issuers, whether local or state. On issues in excess of $10 million, the Director may in his discretion approve the total amount, approve a partial amount or reject the application.
Section 4. Following review of the completed application, the Director shall, within five (5) working days after receipt of the application, notify the bond issuer in writing of the amount of the approved allocation. Such notification shall contain certification of no consideration for the allocation in accordance with Section 621 of P.L. 98-369. Approval of any allocation shall expire ninety (90) days from the date the allocation is mailed to the bond issuer unless a) a shorter period is specified by the Director, b) an extension has been approved by the Director as provided in Section 5, or c) a waiver is approved by the Director pursuant to Section 6.
Section 5. A bond issuer may request an extension by filing a written notice for an extension of time with the Director which request must be received by the Director no less than five (5) days prior to the expiration of the initial period. In such instances, the Director may in his discretion approve an extension not to exceed thirty (30) days beyond the original expiration date. The Director shall notify the bond issuer within five (5) working days if the request for extension has been approved. In the