2011 Vermont Code
Title 03 Appendix Executive Orders
Chapter 32 TAXATION AND FINANCE
§ 5 32-5. (No. 55-87) [Allocation of 1987 State Ceiling on Tax Exempt Private Activity Bonds]
Executive Order No. 32-5
[Allocation of 1987 State Ceiling on Tax Exempt
Private Activity Bonds]
WHEREAS, the Federal Tax Reform Act of 1986 (the "Tax Act") enacted and signed into law on October 22, 1986, establishes a calendar year state ceiling on the volume of "Private Activity Bonds," the interest on which is exempt from Federal income taxes;
WHEREAS, under the Tax Act, Vermont's state ceiling for private activity bonds in 1987 is $250,000,000 and is available for allocation to any "qualified bonds" (within the meaning of the Tax Act) issued on or before August 15, 1986;
WHEREAS, the Tax Act specifies an allocation of state ceiling between state agencies and others issuing authorities but provides that the Governor of any state may proclaim a different interim formula for allocating the state ceiling among the governmental units or other authorities in the state having authority to issue private activity bonds;
WHEREAS, the authority applies until the earlier of (1) the last day of the first calendar year after 1986 in which the state Legislature has met in regular session or (2) the effective date of any state legislation with respect to the allocation of the state ceiling;
WHEREAS, on December 29, 1987, the Vermont Emergency Board, acting pursuant to 32 V.S.A. section 992 (enacted for purposes of section 203(n) of the Internal Revenue Code of 1954, as amended) has made an allocation of the 1987 private activity bond volume cap allocating $120,000,000 to the Vermont Housing Finance Agency, $40,000,000 to the Vermont Industrial Development Authority and $90,000,000 to the Vermont Student Assistance Corporation;
NOW, THEREFORE, I, Madeleine M. Kunin, Governor of the State of Vermont, consistent with the vote of the Vermont Emergency Board of December 29, 1987, do make the following allocations of state ceiling for calendar year 1987, for the purpose of permitting bonds to be issued which will be deemed to be tax exempt private activity bonds as defined in the Tax Act:
1. One hundred percent of Vermont's $250,000,000 1987 permitted volume of all private activity bonds is allocated to the state agencies and instrumentalities.
2. $120,000,000 of Vermont's 1987 volume cap is allocated to the Vermont Housing Finance Agency.
3. $40,000,000 of Vermont's 1987 volume cap is allocated to the Vermont Industrial Development Authority for use under V.S.A. Title 10, chapter 12, subchapter 4.
4. $90,000,000 is allocated to the Vermont Student Assistance Corporation.
Dated December 29, 1987.
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