New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle A - Governor's Office › Chapter I - Executive Orders › Part 4 - Executive Orders (Mario M. Cuomo) › Section 4.50 - Executive order no. 50: prescribing supplemental procedures to allocate the private activity bond volume ceiling under the deficit reduction act of 1984

Current through Register Vol. 46, No. 28, July 10, 2024
WHEREAS, the Deficit Reduction Act of 1984 establishes a
					 private activity bond ceiling on a per capita basis for New York State;
					 and
WHEREAS, by Executive Order Number 48 dated as of October
					 3, 1984, there was proclaimed a formula for allocating the private activity
					 bond ceiling among entities having authority to issue private activity bonds as
					 authorized by the Deficit Reduction Act of 1984; and
WHEREAS, the Internal Revenue Service has published in the
					 Federal Register of October 5, 1984 temporary and proposed regulations,
					 interpreting the private activity bond ceiling provisions of the Deficit
					 Reduction Act of 1984;
NOW, THEREFORE, I, Mario M. Cuomo, Governor of the State of
					 New York, by virtue of the authority vested in me by the Constitution and laws
					 of the State of New York and the Deficit Reduction Act of 1984, do hereby
					 proclaim and order as follows:
1. To
				  the extent that any allocation of the private activity bond limit is made by
				  Executive Order Number 48 to a local agency, as defined in that order, which is
				  ineligible to receive such allocation under the Deficit Reduction Act of 1984
				  or under regulations interpreting the private activity bond ceiling provisions
				  of such Act, such allocation is hereby withdrawn and reallocated to the
				  political subdivision for whose benefit that local agency was
				  created.
2. The political
				  subdivision to which an allocation has been made pursuant to paragraph 1 of
				  this order shall be subject to and comply in all respects with the provisions
				  of Executive Order Number 48 applicable to the local agency whose allocation
				  was withdrawn and reallocated to such political subdivision pursuant to this
				  order.
3. The chief executive
				  officer of the political subdivision or, if such political subdivision has no
				  chief executive officer, the governing board of the political subdivision to
				  which an allocation has been made pursuant to paragraph 1 of this order may
				  assign all or any portion of the private activity bond limit so allocated to it
				  to the local agency created for its benefit.
4. The Director of the Budget and
				  Commissioner of Commerce are authorized and directed to establish procedures
				  and guidelines as may be deemed necessary to implement the provisions of this
				  order.
5. Nothing contained in this
				  order shall be deemed to supersede, alter or impair any provision of the
				  Deficit Reduction Act of 1984 or any regulations promulgated thereunder. If any
				  provision of this order is adjudged or ruled invalid, such judgment or ruling
				  shall not affect any other provisions of this order. This order shall not
				  affect any provision of Executive Order Number 48 which is not inconsistent
				  with this order.
6. The provisions
				  of this order shall expire on the effective date of legislation enacted into
				  law for the purpose of allocating the private activity bond ceiling under the
				  Deficit Reduction Act of 1984 and shall be of no further effect after that
				  date.
Signed: Mario M. CuomoDated: October 15, 1984
[FN*] [Revoked by Executive Order No. 9 (David A.
					 Paterson), infra.]
[Revoked by Executive Order No. 2 (Andrew M. Cuomo),
					 infra.]