(30 ILCS 345/4)
(from Ch. 17, par. 6854)
State agency allocation.
(a) The Governor's office may allocate
volume cap among the State and the State agencies from the
State Agency Pool for private activity bonds issued by
the State and the State agencies under Section 146 of the Code.
(b) The State or any State agency which proposes to issue private
activity bonds shall, prior to issuance, provide written notice to the
Governor's office, and shall request approval of such bond issue from the
Governor's office pursuant to the Guidelines and Procedures.
(c) Subject to compliance with all the requirements stated herein and to
the extent the State Agency Pool is not exceeded, requests for allocation
of volume cap shall be processed in the order in which they are received by
the Governor's office.
(d) The State or a State agency which has received an allocation
of volume cap from the Governor's Office under this Act may issue private
activity bonds within such limit during the balance of the calendar year.
(e) The State or a State agency which has received an allocation of
volume cap from the Governor's office may issue private activity bonds
during a subsequent calendar year or years pursuant to a valid
carry-forward election under Section 103 of the Internal
Revenue Code of 1954, as amended, or Section 146(f) of the Code.
(Source: P.A. 85-1141.)