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HB20-1161

Private Activity Bond Allocation

Concerning the allocation of private activity bonds, and, in connection therewith, eliminating the bond allocation committee, requiring the state housing board to assume the allocation related functions of the committee, and eliminating the cap on the direct allocation fee paid to the department of local affairs.
Session:
2020 Regular Session
Subject:
State Government
Bill Summary

Allocation of state private activity bond cap - state housing board to make recommendations to department of local affairs - elimination of fee cap and rule-making authority. Federal law limits the amount of tax-exempt private activity bonds that may issued within each state and allows each state to provide by law a formula for allocating the limited amount of bonding authority among eligible bond issuers. The act eliminates the bond allocation committee that currently reviews and makes recommendations to the executive director of the department of local affairs (DOLA) regarding statewide priorities for the allocation of the limited amount of bonding authority and requires the state housing board to conduct the review and make the recommendations. The act also eliminates a cap on the amount of the direct allocation fee paid to DOLA by bond issuers that use the direct allocation of bonding authority to issue private activity bonds or that make a mortgage credit certificate election and eliminates the executive director's authority to promulgate rules to implement the statutes that govern private activity bond allocation.
(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    03/20/2020 Signed Act PDF
    03/16/2020 Final Act PDF
    03/11/2020 Rerevised PDF
    03/10/2020 Revised PDF
    02/18/2020 Reengrossed PDF
    02/14/2020 Engrossed PDF
    01/21/2020 Introduced PDF

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. S. Bird
Sen. J. Tate, Sen. F. Winter

Sponsor

Co-sponsor

Rep. M. Snyder
Sen. J. Gonzales, Sen. R. Zenzinger