- (a) The amount of affected bonds that can be issued as tax-exempt private activity bonds in the state each calendar year is limited by the state’s annual volume cap.
(b)
- (1) At the beginning of each year the state receives an allocation of volume cap from the United States Department of the Treasury using the population-based formula or minimum allocation found in 26 U.S.C. § 146 referred to as the state ceiling.
- (2) In addition, some issuers may have allocations of volume cap available for specific purposes that have been carried forward from allocations received in prior calendar years.
- (c) The Arkansas Development Finance Authority is the statewide administrator of the volume cap allocations and is also an issuer of affected bonds.