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S.F. No. 156 - Tax Exempt Bond Allocations; Changing Carryforward Period
 
Author: Senator Kari Dziedzic
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: April 18, 2013



 

Section 1. Entitlement reservations. Removes requirement that any unused carryover of bond allocations be deducted from that entitlement allocation for the next year.

Section 2. Minnesota office of higher education. Removes the one-year carryforward limit on allocations for student loan bonds.

Section 3. Minnesota Housing Finance Agency; mortgage bonds. Removes the one-year carryforward limit on mortgage bonds awarded to the Minnesota Housing Finance Agency

Sections 1, 2 and 3 are effective the day following final enactment and applies to any bonding authority allocated in 2012 and subsequent years.

Section 4.  Carryforward of bonding authority for 2011. Clarifies that bonding authority that was allocated to an entitlement user in 2001 but for which the user did not provide a notice of issue by the last business day of December 2012, will not be deducted from the entitlement allocation for that user in 2013.

Effective the day following final enactment and applies retroactively to rescind any reallocations by the commissioner of management and budget of any amount so deducted

 

ESS/tg

 
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