(a)

1. (1) The volume cap allocated to the state is allocated to the Arkansas Development Finance Authority pursuant to Arkansas Code § 15-5-603, which allocates seventy percent (70%) of the aggregate annual state ceiling to four (4) categories:

   1. (A) Ten percent (10%) to multifamily residential housing;
   2. (B) Seventeen percent (17%) to single family residential housing;
   3. (C) Thirty-three percent (33%) to industrial development; and
   4. (D) Ten percent (10%) to student loan financing.
2. (2) Prior to September 1 of each year, the Board of Directors of the Arkansas Development Finance Authority, by resolution, is authorized to reallocate available volume cap amounts among the four (4) categories.
3. (3) After September 1 of each year, any volume cap not reserved or allocated from the four (4) categories is transferred to all issuers as described in subdivision (b)(2) of this section for any purpose that affected bonds can be issued.

(b)

1. (1) At the beginning of each calendar year, Arkansas Code § 15-5-603(c) allocates the remaining thirty percent (30%) of the aggregate annual state ceiling to all issuers, including the authority, on a nonexclusive basis for any purpose that affected bonds can be issued.
2. (2) On September 1 of each year, Arkansas Code § 15-5-603(b) reallocates the balance of the state ceiling volume cap not reserved or allocated from the four (4) categories in the exclusive authority allocation to this nonexclusive allocation for all issuers, including the authority, which may be used for all purposes that affected bonds can be issued.