Executive Order Number One Hundred Six Reallocation Of State Private Activity Bond Volume Cap For Calendar Year 2007 And Initial Suballocation Of State Private Activity Bond Volume Cap For Calendar Year 2008
WHEREAS, pursuant to 29 Del. C. §5091, the State’s private activity bond volume cap (“Volume Cap”) for 2007 under §103 of the Internal Revenue Code of 1986 (the “Code”) has been allocated among various state and local government issuers; and
WHEREAS, pursuant to Executive Order Number Ninety-Six, $128,115,000 of the Volume Cap for 2007 which had been allocated to the State of Delaware was further sub-allocated between the Delaware Economic Development Authority and the Delaware State Housing Authority; and
WHEREAS, the allocation of Volume Cap in Executive Order Number Ninety-Six is subject to modification by further Executive Order; and
WHEREAS, the State’s Volume Cap for 2007 and 2008 is allocated among the various State and local government issuers by 29 Del. C. §5091 (a); and
WHEREAS, New Castle County has reassigned $44,840,000 of its unallocated Volume Cap for 2007 to the State of Delaware; and
WHEREAS, Kent County has reassigned $25,625,000 of its unallocated Volume Cap for 2007 to the State of Delaware; and
WHEREAS, Sussex County has reassigned $25,625,000 of its unallocated Volume Cap for 2007 to the State of Delaware; and
WHEREAS, the City of Wilmington has reassigned $5,000,000 of its unallocated Volume Cap for 2007 to the State of Delaware; and
WHEREAS, the Delaware Economic Development Authority has $64,057,500 of unused Volume Cap for 2007, previously allocated by Executive Order Ninety-Six; and
WHEREAS, pursuant to 29 Del. C. §5091 (b), the State’s $131,050,000 Volume Cap for 2008 is to be sub-allocated by the Governor between the Delaware State Housing Authority and the Delaware Economic Development Authority; and
WHEREAS, the Secretary of Finance recommends (i) that the $101,090,000 unallocated Volume Cap for 2007 reassigned to the State of Delaware by other issuers be sub-allocated to the Delaware State Housing Authority for carry forward for use in future years; and (ii) that the $64,057,500 of unallocated Volume Cap reassigned by the Delaware Economic Development Authority be sub-allocated to the Delaware State Housing Authority for carry forward for use in future years; and (iii) that the State’s Volume Cap for 2008 of $131,050,000 be allocated equally between the Delaware State Housing Authority and the Delaware Economic Development Authority; and
WHEREAS, the Chairperson of the Delaware Economic Development Authority and the Chairperson of the Delaware State Housing Authority concur in the recommendations of the Secretary of Finance,
NOW, THEREFORE, I, Ruth Ann Minner, by the authority vested in me as Governor of the State of Delaware, do hereby declare and order as follows:
1. The $101,090,000 of unallocated Volume Cap for 2007 that has been reassigned by New Castle County, Kent County, Sussex County and the City of Wilmington to the State of Delaware is hereby sub-allocated to the Delaware State Housing Authority for carry forward use, in addition to the $64,057,500 previously sub-allocated to the Delaware State Housing Authority for 2007 under Executive Order Ninety-Six. Additionally, the $64,057,500 of Volume Cap for 2007 previously allocated to the Delaware Economic Development Authority is allocated to the Delaware State Housing Authority, providing the Delaware State Housing Authority with a total carry forward amount of $229,205,000.
2. The $131,050,000 allocation to the State of Delaware of the 2008 Volume Cap is hereby sub-allocated: $65,525,000 to the Delaware State Housing Authority and $65,525,000 to the Delaware Economic Development Authority.
3. The aforesaid sub-allocations have been made with due regard to actions taken by other persons in reliance upon previous sub-allocations to bond issuers.
Approved February 1, 2008.
