EXECUTIVE ORDER
NUMBER SEVENTEEN
TO: HEADS OF ALL STATE DEPARTMENTS AND AGENCIES
RE: (1) ALLOCATION OF STATE PRIVATE ACTIVITY BOND VOLUME CAP FOR CALENDAR YEAR 2018 AND (2) REALLOCATION OF STATE PRIVATE ACTIVITY BOND VOLUME CAP FOR CALENDAR YEAR 2017

WHEREAS, the Internal Revenue Service issued Revenue Procedure 2017-58, which provides the State of Delaware (the “State”) with $311,375,000 in private activity bond volume cap (“Volume Cap”) for 2018, and pursuant to 29 DEL. C. §8791A(b), the State’s 2018 Volume Cap is to be allocated among the various State and local government issuers; and

WHEREAS, the Governor hereby confirms the initial allocation of the 2018 Volume Cap as set forth in 29 DEL. C. § 8791A (a) and (b) to various State and local government issuers; and

WHEREAS, pursuant to 29 DEL. C. §8791A(b), the State’s allocation of 2018 Volume Cap of $155,685,000 is to be allocated by the Governor between the Delaware State Housing Authority and the Delaware Economic Development Authority; and

WHEREAS, pursuant to 29 DEL. C. §8791A (d), the Governor has the right, by Executive Order, to modify the allocations made under 29 DEL. C. §8791A (a) and (b) provided that no such modification shall cause any obligation issued prior to the date of such modification to lose its qualification for tax-exempt treatment under the Internal Revenue Code of 1986, as amended; and

WHEREAS, the allocation of Volume Cap for 2017 in Executive Order Number Three is subject to modification by further Executive Order; and

WHEREAS, also pursuant to Executive Order Number Three, $152,655,000 of 2017 Volume Cap which had been allocated to the State of Delaware was further allocated between the Delaware Economic Development Authority ($76,327,500) and the Delaware State Housing Authority ($76,327,500); and

WHEREAS, pursuant to Executive Order Number Three, $152,660,000 of 2017 Volume Cap which had been allocated to local government issuers as described in 29 DEL. C. §8791A(a) and (b) is hereby reassigned as follows:

• New Castle has reassigned $53,430,000 of its unused Volume Cap for 2017 to the State of Delaware,
• Kent County has reassigned $30,535,000 of its unused Volume Cap for 2017 to the State of Delaware,
• Sussex County has reassigned $30,535,000 of its unused Volume Cap for 2017 to the State of Delaware,
• The City of Wilmington has reassigned $38,160,000 of its unused Volume Cap for 2017 to the State of Delaware; and

WHEREAS, the Secretary of Finance recommends: (i) that the State’s $155,685,000 of 2018 Volume Cap be allocated between the Delaware State Housing Authority ($77,842,500) and the Delaware Economic Development Authority ($77,842,500); (ii) that the $76,327,500 of unused 2017 Volume Cap previously allocated to the Delaware Economic Development Authority be reassigned to the Delaware State Housing Authority for carry forward for use in future years; and (iii) that the $152,660,000 of 2017 Volume Cap unused by local government issuers be re-assigned to the Delaware State Housing Authority for carry forward for use in future years; and

WHEREAS, the Director of the Delaware Economic Development Authority and the Director of the Delaware State Housing Authority concur in the recommendation of the Secretary of Finance.

NOW, THEREFORE, I, JOHN CARNEY, by the authority vested in me as Governor of the State of Delaware, do hereby DECLARE and ORDER that:

1. $155,685,000 of the 2018 Volume Cap is hereby allocated: $77,842,500 to the Delaware State Housing Authority and $77,842,500 to the Delaware Economic Development Authority.

2. $155,690,000 of the 2018 Volume Cap is hereby allocated to the various local government issuers as follows:

• $54,490,000 of the 2018 Volume Cap is hereby allocated to New Castle County, Delaware;
• $38,920,000 of the 2018 Volume Cap is hereby allocated to the City of Wilmington, Delaware;
• $31,140,000 of the 2018 Volume Cap is hereby allocated to Kent County, Delaware; and
• $31,140,000 of the 2018 Volume Cap is hereby allocated to Sussex County, Delaware.

3. The $152,660,000 of unused 2017 Volume Cap that has been reassigned by New Castle County, Kent County, Sussex County and the City of Wilmington to the State of Delaware is hereby re-assigned to the Delaware State Housing Authority for carry forward use. In addition, the $76,327,500 of 2017 Volume Cap previously allocated to the Delaware Economic Development Authority under Executive Order Number Three is hereby re-assigned to the Delaware State Housing Authority for carry forward use. Furthermore, the $44,024,334 of unused 2017 Volume Cap previously allocated to the Delaware State Housing Authority under Executive Order Number Three is to be carried forward for a total carry forward amount of $273,011,834.

4. The aforesaid allocations have been made with due regard to actions taken by other persons in reliance upon previous allocations to bond issuers.

APPROVED this 2nd day of February, 2018.

John C. Carney
Governor

ATTEST:
Secretary of State

PDF of Executive Order

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