1. (a) On or before January 1 of each year, the IFA shall determine the dollar amount of the volume cap for that year.

2. (b) Each year the volume cap shall be allocated among the categories specified in section 18 of this chapter as follows:

   Percentage of

   Type of Bonds Volume Cap

   Bonds issued by the IFA 9%

   Bonds issued by the IHCDA 28%

   Bonds issued by the ISMEL 1%

   Bonds issued by local units or other

   issuers under section 18(a)(4)

   of this chapter 42%

   Bonds issued by local units or other

   issuers under section 18(a)(5)

   of this chapter 20%

3. (c) Except as provided in subsection (d), the amount allocated to a category represents the maximum amount of the volume cap that will be reserved for bonds included within that category.
4. (d) The IFA may adopt a resolution to alter the allocations made by subsection (b) for a year if it determines that the change is necessary to allow maximum usage of the volume cap and to promote the health and well-being of the residents of Indiana by promoting the public purposes served by the bond categories then subject to the volume cap.
5. (e) The governor may, by executive order, establish for a year a different dollar amount for the volume cap, different bond categories, and different allocations among the bond categories than those set forth in or established under this section and section 18 of this chapter if it becomes necessary to adopt a different volume cap and bond category allocation system in order to allow maximum usage of the volume cap among the bond categories then subject to the volume cap and to promote the health, welfare, and well-being of the residents of Indiana by promoting the public purposes served by the bond categories then subject to the volume cap.

As added by P.L.20-1985, SEC.7. Amended by P.L.10-1986, SEC.4; P.L.25-1987, SEC.23; P.L.11-1990, SEC.82; P.L.27-1993, SEC.2; P.L.10-1996, SEC.8; P.L.291-2001, SEC.117; P.L.235-2005, SEC.37; P.L.1-2006, SEC.37 and P.L.181-2006, SEC.5; P.L.1-2009, SEC.6.