162-M:2 Allocation Formula. –
Pursuant to section 146 of the code, the state hereby establishes for calendar year 1988 and each calendar year thereafter its formula for allocating the state ceiling among issuers as follows:
I. All of the state ceiling on private activity bonds which may be issued in any calendar year is hereby allocated to the state.
II. The housing finance authority may from time to time assign up to 1/2 of the state ceiling in any calendar year to and among issuers, including itself, for the purpose of (a) allocating such state ceiling to housing bonds or (b) electing under section 25(c)(2)(A)(ii) of the code not to issue a specified amount of qualified mortgage bonds in order to issue, or reserve the right to issue, mortgage credit certificates pursuant to section 25 of the code. The housing finance authority may also from time to time transfer any portion of the state ceiling within its control pursuant to this section to the business finance authority, which may assign any state ceiling so transferred in addition to and as if it were state ceiling described in RSA 162-M:2, III.
III. The business finance authority may from time to time assign up to 1/2 of the state ceiling in any calendar year to and among issuers, including itself, for the purpose of allocating such state ceiling to (a) private activity bonds other than housing bonds and (b) bonds which would be private activity bonds unless an allocation of state ceiling is made to them. The business finance authority may also from time to time transfer any portion of the state ceiling within its control pursuant to this section to the housing finance authority, which may assign any state ceiling so transferred in addition to and as if it were state ceiling described in RSA 162-M:2, II.
III-a. The housing finance authority and the business finance authority prior to assigning the state ceiling in any calendar year, shall consider the relative needs and priorities of the agencies and, by mutual consent, may set aside the proportionate allocation specified in paragraphs II and III.
IV. Pursuant to section 146(f) of the code, each of the housing finance authority and the business finance authority may carry forward any unused portion of the state ceiling within its control pursuant to this section for any carryforward purpose. Any state ceiling so carried forward shall be assigned or transferred by the authority making the carryforward election in addition to and as if it were state ceiling under the control of such authority pursuant to RSA 162-M:2, II or III, as the case may be.
V. Each assignment of state ceiling made by the housing finance authority or the business finance authority shall be in writing, shall be made for a specific bond issue, and shall specify the date on or before which the bonds must be issued in order for the assignment to be effective. No assignment of state ceiling shall become final until the bonds for which the assignment was made are issued, and the amount of final assignment shall be limited to the aggregate face amount of the bonds issued. Transfers of state ceiling between the housing finance authority and the business finance authority shall be in writing, but need not be for a specific bond issue. An election to carry forward state ceiling need not be for a specific bond issue.
VI. Notwithstanding anything in this chapter to the contrary, in the event the code no longer authorizes the issuance thereunder of mortgage credit certificates or of any one or more particular types of bonds requiring state ceiling under section 146 of the code as in effect on January 1, 1987, or in the event the code as in effect on such date is amended to permit the issuance of additional types of bonds or other obligations or certificates requiring state ceiling, the governor may by executive order adjust the distribution of state ceiling between the housing finance authority and the business finance authority as set forth in RSA 162-M:2, II and III, provided that no such adjustment shall affect any assignment, allocation, transfer or carryforward made by either such authority prior to the date of such executive order.