Section 7.321. Standby allocations

The State ceiling for the issuance of nonessential function bonds provided by section 146(d) of the Internal Revenue Code (26 U.S.C.A. § 146(d)) to be amended by the Tax Reform Act of 1986 shall be allocated utilizing the authority provided by section 146(e) of the Internal Revenue Code to be amended by the Tax Reform Act of 1986 and section 6(b) of the Tax-Exempt Bond Allocation Act(73 P. S. § § 397.1—397.8) in the manner provided by this order. Upon the enact- ment of the Tax Reform Act of 1986 or similar Federal legislation providing a volume cap, the standby allocations provided by this order shall be deemed allocations issued under section 146(e) of the Internal Revenue Code to be amended by the Tax Reform Act of 1986 to the fullest extent permitted by State and Federal statute. Standby allocations provided by this order will be in addition to and separate and distinct from allocations provided under the Tax-Exempt Bond Allocation Act other than section 6(b) (relating to standby allocations) or Article IV-B of the Housing Finance Agency Law (35 P. S. § § 1680.401(b) and 1680.402(b)).

The provisions of this § 7.321 amended by Executive Order 1986-5, dated October 17, 1986, effective October 18, 1986, 16 Pa.B. 3920. Immediately preceding text appears at serial pages (109819) to (109821).