Allocation of volume cap on tax-exempt bonds.

(1) Allocation. The corporation shall establish under 26 USC 146 and administer a system for the allocation of the volume cap on the issuance of private activity bonds, as defined under 26 USC 141 (a), among all municipalities, as defined in s. 67.01 (5) , and any corporation formed on behalf of those municipalities, and among this state, the Wisconsin Health and Educational Facilities Authority, the Wisconsin Aerospace Authority, and the Wisconsin Housing and Economic Development Authority.

(2) Amendment to allocation. At any time prior to December 31 in any year, the corporation may adopt rules to revise the allocation system established for that year under sub. (1) , except that any revision under this subsection does not apply to any allocation under which the recipient of that allocation has adopted a resolution authorizing the issuance of a private activity bond, as defined in 26 USC 141 (a).

(3) Conditions. The corporation may establish any procedure for, and place any condition upon, the granting of an allocation under this section which the corporation deems to be in the best interest of the state including a requirement that a cash deposit, at a rate established by the corporation, be a condition for an allocation.

(4) Certification. If the corporation receives notice of the issuance of a bond under an allocation under subs. (1) to (3) , the corporation shall certify that that bond meets the requirements of 26 USC 146 .

History: 1987 a. 69 , 403 ; 1989 a. 8 ; 1997 a. 27 ; 2005 a. 335 ; 2011 a. 32 s. 3315 ; Stats. 2011 s. 238.10.