The act specifies that a two-tier reallocation process, for unused tax-exempt bond authority, is to occur each August 1 and November 1.

1. (1) August 1 reallocation. On August 1 of each year in which the act applies, the Secretary will determine the amount of unused tax-exempt bond authority available at the close of business July 31 of that year and reallocate this unused portion by September as follows:

   1. (i) Fifty percent will be allocated for small issue use by local issuers.
   2. (ii) Fifty percent will be retained by the Secretary as a contingency reserve for projects which are sponsored by Commonwealth agencies, exceed a county’s reallocated amount or are exempt facilities. Allocations for these projects will be made at the Secretary’s discretion.
2. (2) November 1 reallocation. On November 1 of each year in which the act applies, the Secretary will determine the amount of unused tax-exempt bond authority available at the close of business October 31 of that year and reallocate the unused portion at the Secretary’s discretion consistent with the purposes of the act and the criteria established in § 61.4 (relating to project selection).

Source

The provisions of this § 61.7 adopted January 10, 1986, effective January 1, 1986, 16 Pa.B. 129; amended January 30, 1987, effective retroactively to January 1, 1987, 17 Pa.B. 571; amended August 23, 1991, effective August 24, 1991, 21 Pa.B. 3825; amended April 17, 1992, effective April 18, 1992, 22 Pa.B. 1928. Immediately preceding text appears at serial page (161470).