2007 Minnesota Statutes

474A.04 ENTITLEMENT ALLOCATIONS UNDER EXISTING FEDERAL TAX LAW.
    Subdivision 1.[Repealed, 1987 c 268 art 16 s 45]
    Subd. 1a. Entitlement reservations; carryforward; deduction. Any amount returned by
an entitlement issuer before July 15 shall be reallocated through the housing pool. Any amount
returned on or after July 15 shall be reallocated through the unified pool. An amount returned
after the last Monday in November shall be reallocated to the Minnesota housing finance agency.
Any amount of bonding authority that an entitlement issuer carries forward under federal tax law
that is not permanently issued or for which the governing body of the entitlement issuer has not
enacted a resolution electing to use the authority for mortgage credit certificates and has not
provided a notice of issue to the commissioner before 4:30 p.m. on the last business day in
December of the succeeding calendar year shall be deducted from the entitlement allocation
for that entitlement issuer in the next succeeding calendar year. Any amount deducted from an
entitlement issuer's allocation under this subdivision shall be reallocated to other entitlement
issuers, the housing pool, the small issue pool, and the public facilities pool on a proportional
basis consistent with section 474A.03.
    Subd. 2.[Repealed, 1987 c 268 art 16 s 45]
    Subd. 3.[Repealed, 1987 c 268 art 16 s 45]
    Subd. 4.[Repealed, 1987 c 268 art 16 s 45]
    Subd. 5. Notice of entitlement allocation. As soon as possible in each calendar year, the
commissioner shall post on the department's Web site the amount of each entitlement allocation.
    Subd. 6. Entitlement transfers. An entitlement issuer may enter into an agreement with
another entitlement issuer whereby the recipient entitlement issuer issues obligations pursuant to
bonding authority allocated to the original entitlement issuer under this section. An entitlement
issuer may enter into an agreement with an issuer which is not an entitlement issuer whereby the
recipient issuer issues qualified mortgage bonds, up to $100,000 of which are issued pursuant to
bonding authority allocated to the original entitlement issuer under this section. The agreement
may be approved and executed by the mayor of the entitlement issuer with or without approval or
review by the city council.
History: 1986 c 465 art 1 s 12; 1987 c 268 art 16 s 24-26; 1988 c 586 s 1; 1988 c 702 s 8;
1991 c 346 s 12; 1992 c 545 art 1 s 4; 1994 c 527 s 5; 1997 c 169 s 3; 2001 c 214 s 21,22