7C.5 - FORMULA FOR ALLOCATION.
7C.5 FORMULA FOR ALLOCATION.
Except as provided in section 7C.4A, subsections 1 through 5, the
state ceiling shall be allocated among all political subdivisions on
a statewide basis on the basis of the chronological orders of receipt
by the governor's designee of the applications described in section
7C.6 with respect to a definitive issue of bonds, as determined by
the day, hour, and minute time-stamped on the application immediately
upon receipt by the governor's designee. However, for the period
January 1 through June 30 of each year, allocations to bonds for
which an amount of the state ceiling has been reserved pursuant to
section 7C.4A, subsection 6, shall be made to the political
subdivisions submitting the applications first from the reserved
amount until the reserved amount has been fully allocated and then
from the amount specified in section 7C.4A, subsection 7. Section History: Recent Form
85 Acts, ch 225, § 7; 87 Acts, ch 171, § 5; 98 Acts, ch 1165, §2
Referred to in § 7C.4A, 7C.12