{"law_id":"783699","section_number":"15.2-5004","catch_line":"Reallocation of bond authority","history":"1987, c. 306, \u00a7 15.1-1399.16; 1989, c. 35; 1990, c. 299; 1995, c. 128; 1997, c. 587; 2008, c. 445.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/15.2-5004\/","refers_to":false,"url":"\/15.2-5004\/","token":"15.2\/IV\/50\/15.2-5004","structure":{"1":{"id":"2156","name":"Private Activity Bonds","identifier":"50","label":"chapter","url":"\/15.2\/IV\/50\/"},"2":{"id":"47","name":"Other Governmental Entities","identifier":"IV","label":"subtitle","url":"\/15.2\/IV\/"},"3":{"id":"46","name":"Counties, Cities And Towns","identifier":"15.2","label":"title","url":"\/15.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"783699","structure_id":"2156","full_text":"The allocation formulas prescribed in this chapter are established to utilize the entire state ceiling on private activity bonds by providing issuing authority to housing and industrial development projects. The allocation to local housing authorities and the allocation for industrial development provided in \u00a7 15.2-5002 shall be effective for such period in each calendar year as is set forth in the guidelines established pursuant to \u00a7 15.2-5003.Any unused bond authority remaining in any category after the effective period of the allocation set forth in such guidelines shall be reallocated to the Virginia Housing Development Authority (and any unused bond authority allocated to the Virginia Housing Development Authority shall continue to be allocated to the Virginia Housing Development Authority) in the amount requested by the Virginia Housing Development Authority, subject to the receipt by the Director of the Department of Housing and Community Development of assurances from the Virginia Housing Development Authority of anticipated usage of such amount of unused bond authority within the time period permitted by federal law, and any remaining amount that is not so reallocated (or continued to be allocated) to the Virginia Housing Development Authority shall be reallocated according to the guidelines established by the Board of the Department of Housing and Community Development and the Virginia Small Business Financing Authority. The guidelines shall also provide a priority system for the reallocation of any such remaining unused bond authority not reallocated (or continued to be allocated) to the Virginia Housing Development Authority at year-end to projects that are eligible to carry forward issuing authority to later years. The provisions of this section shall not apply to the amount of the state ceiling set aside for the state allocation during any calendar year.","text":{"0":{"id":"2527697","text":"The allocation formulas prescribed in this chapter are established to utilize the entire state ceiling on private activity bonds by providing issuing authority to housing and industrial development projects. The allocation to local housing authorities and the allocation for industrial development provided in \u00a7 15.2-5002 shall be effective for such period in each calendar year as is set forth in the guidelines established pursuant to \u00a7 15.2-5003.Any unused bond authority remaining in any category after the effective period of the allocation set forth in such guidelines shall be reallocated to the Virginia Housing Development Authority (and any unused bond authority allocated to the Virginia Housing Development Authority shall continue to be allocated to the Virginia Housing Development Authority) in the amount requested by the Virginia Housing Development Authority, subject to the receipt by the Director of the Department of Housing and Community Development of assurances from the Virginia Housing Development Authority of anticipated usage of such amount of unused bond authority within the time period permitted by federal law, and any remaining amount that is not so reallocated (or continued to be allocated) to the Virginia Housing Development Authority shall be reallocated according to the guidelines established by the Board of the Department of Housing and Community Development and the Virginia Small Business Financing Authority. The guidelines shall also provide a priority system for the reallocation of any such remaining unused bond authority not reallocated (or continued to be allocated) to the Virginia Housing Development Authority at year-end to projects that are eligible to carry forward issuing authority to later years. The provisions of this section shall not apply to the amount of the state ceiling set aside for the state allocation during any calendar year.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"2156","name":"Private Activity Bonds","identifier":"50","label":"chapter","url":"\/15.2\/IV\/50\/"},"2":{"id":"47","name":"Other Governmental Entities","identifier":"IV","label":"subtitle","url":"\/15.2\/IV\/"},"3":{"id":"46","name":"Counties, Cities And Towns","identifier":"15.2","label":"title","url":"\/15.2\/"}},"structure_contents":{"0":{"id":"767988","structure_id":"2156","section_number":"15.2-5000","catch_line":"Definitions","url":"\/15.2-5000\/","token":"15.2\/IV\/50\/15.2-5000"},"1":{"id":"795432","structure_id":"2156","section_number":"15.2-5001","catch_line":"Purpose of chapter","url":"\/15.2-5001\/","token":"15.2\/IV\/50\/15.2-5001"},"2":{"id":"794316","structure_id":"2156","section_number":"15.2-5003","catch_line":"Administration","url":"\/15.2-5003\/","token":"15.2\/IV\/50\/15.2-5003"},"3":{"id":"783699","structure_id":"2156","section_number":"15.2-5004","catch_line":"Reallocation of bond authority","url":"\/15.2-5004\/","token":"15.2\/IV\/50\/15.2-5004"},"4":{"id":"785619","structure_id":"2156","section_number":"15.2-5005","catch_line":"Changes by the federal government","url":"\/15.2-5005\/","token":"15.2\/IV\/50\/15.2-5005"}},"previous_section":{"id":"794316","structure_id":"2156","section_number":"15.2-5003","catch_line":"Administration","url":"\/15.2-5003\/","token":"15.2\/IV\/50\/15.2-5003"},"next_section":{"id":"785619","structure_id":"2156","section_number":"15.2-5005","catch_line":"Changes by the federal government","url":"\/15.2-5005\/","token":"15.2\/IV\/50\/15.2-5005"},"references":[{"id":"794316","section_number":"15.2-5003","catch_line":"Administration","url":"\/15.2-5003\/"}],"formats":{"txt":"\/15.2-5004.txt","json":"\/15.2-5004.json","xml":"\/15.2-5004.xml"},"dublin_core":{"Title":"Reallocation of bond authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5004","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nREALLOCATION OF BOND AUTHORITY (\u00a7 15.2-5004)\n\nThe allocation formulas prescribed in this chapter are established to utilize\nthe entire state ceiling on private activity bonds by providing issuing\nauthority to housing and industrial development projects. The allocation to\nlocal housing authorities and the allocation for industrial development provided\nin \u00a7 15.2-5002 shall be effective for such period in each calendar year as is\nset forth in the guidelines established pursuant to \u00a7 15.2-5003.Any unused bond\nauthority remaining in any category after the effective period of the allocation\nset forth in such guidelines shall be reallocated to the Virginia Housing\nDevelopment Authority (and any unused bond authority allocated to the Virginia\nHousing Development Authority shall continue to be allocated to the Virginia\nHousing Development Authority) in the amount requested by the Virginia Housing\nDevelopment Authority, subject to the receipt by the Director of the Department\nof Housing and Community Development of assurances from the Virginia Housing\nDevelopment Authority of anticipated usage of such amount of unused bond\nauthority within the time period permitted by federal law, and any remaining\namount that is not so reallocated (or continued to be allocated) to the Virginia\nHousing Development Authority shall be reallocated according to the guidelines\nestablished by the Board of the Department of Housing and Community Development\nand the Virginia Small Business Financing Authority. The guidelines shall also\nprovide a priority system for the reallocation of any such remaining unused bond\nauthority not reallocated (or continued to be allocated) to the Virginia Housing\nDevelopment Authority at year-end to projects that are eligible to carry forward\nissuing authority to later years. The provisions of this section shall not apply\nto the amount of the state ceiling set aside for the state allocation during any\ncalendar year.\n\nHISTORY: 1987, c. 306, \u00a7 15.1-1399.16; 1989, c. 35; 1990, c. 299; 1995, c. 128;\n1997, c. 587; 2008, c. 445."}