7C.11 - PRIORITY ALLOCATIONS.
7C.11 PRIORITY ALLOCATIONS.
Notwithstanding any other provision of this chapter, the
governor's designee shall give priority in allocation of the state
ceiling not yet allocated to bonds which must be issued and delivered
on or prior to December 31 of the calendar year in order for the
interest on the bonds to be exempt from federal income taxation.
Applications for an allocation with respect to these bonds shall be
accompanied by an opinion of a nationally recognized bond counsel to
the effect that the bonds must be issued and delivered on or prior to
December 31 in that calendar year in order for the interest on the
bonds to be exempt from federal income taxation. Section History: Recent Form
85 Acts, ch 225, § 13; 87 Acts, ch 171, § 11
Referred to in § 7C.4A, 7C.7, 7C.12