Section 7.338. Miscellaneous provisions

(a) State agencies and other entities involved with the issuance or approval of qualified private activity bonds related to this subchapter will cooperate with the Department of Commerce and the Housing Finance Agency in implementing this allocation system.

(b) Issuers failing to comply with the requirements of this subchapter will be denied allocation approvals until compliance is achieved.

(c) The Secretary of Commerce is authorized to incorporate by reference the provisions of this subchapter into regulations adopted under section 6(a) of the Tax-Exempt Bond Allocation Act (73 P. S. § 397.6(a)) and the Housing Finance Agency is directed under section 501 of The Administrative Code of 1929 (71 P. S. § 181) to assist the Department of Commerce in the performance of its duties as provided by the Tax-Exempt Bond Allocation Act (73 P. S. § § 397.1—397.8).

(d) Regulations adopted by the Secretary of Commerce under section 6(a) of the Tax-Exempt Bond Allocation Act for the purpose of the initial implementation of this subchapter, effective January 1, 1987, are declared to be emergency regulations as provided by section 6(b) of the Regulatory Review Act (71 P. S. § 745.6(b)) and shall take effect for 120 days notwithstanding an order of disapproval entered under the Regulatory Review Act. The regulations are deemed to be emergency rules because of the critical need to avoid delays in financing economic development activities early in 1987.

(e) Under section 149(e)(3)(F) of the Internal Revenue Code, as amended by section 1301(b) of the Tax Reform Act of 1986 (26 U.S.C.A. § 1301(b)), the Secretary of Commerce, or a deputy, is designated under the Tax-Exempt Bond Allocation Act as the State official authorized to issue certifications that private activity bonds for which allocations have been approved under this subchapter meet the requirements of section 146 of the Internal Revenue Code (26 U.S.C.A. § 146).

(f) This subchapter takes effect immediately and applies to qualified private activity bonds which are issued on or after January 1, 1987, subject to the volume cap provided by the Tax Reform Act of 1986 (26 U.S.C.A. § § 1—7872).

The provisions of this § 7.338 adopted by Executive Order 1987-1, dated January 7, 1987, effective January 1, 1987, 17 Pa.B. 240; corrected February 6, 1987, 17 Pa.B. 626.

Notation

Cross References

This section cited in 12 Pa. Code § 63.2 (relating to provisions of the Tax-Exempt Bond Allocation Act suspended).