(a) Subject to any limitations on transferred private activity bond limit as may be provided in subdivision (d) of Section 8869.85, any state agency or local agency may utilize its private activity bond limit for any of the following:

1. (1) The issuance of private activity bonds.
2. (2) If permitted by the committee, to make a carryforward election pursuant to Section 142(k) or Section 146(f) of the Internal Revenue Code.
3. (3) If permitted by the committee, to make a transfer to any state agency, local agency, or the committee.

(c) Each state agency and local agency shall notify the committee in writing, as directed by the committee, after any of the following:

1. (1) The issuance of any private activity bonds.
2. (2) Any action taken pursuant to subdivision (d) of Section 8869.85 to transfer any portion of its private activity bond limit.
3. (3) Any election to treat all or any portion of the state agency’s or local agency’s private activity bond limit as a carryforward pursuant to Section 142(k) or Section 146(f) of the Internal Revenue Code. The committee shall keep the notices in its records for a period no less than the term of all private activity bonds issued as described in the notices.