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or under regulations interpreting the private activity bond ceiling provisions of such Act, such allocation is hereby withdrawn and reallocated to the political subdivision for whose benefit that local agency was created.2.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in all respects with the provisions of Executive Order Number 48 applicable to the local agency whose allocation was withdrawn and reallocated to such political subdivision pursuant to this order.3.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.]
N.Y. Comp. Codes R. & Regs. Tit. 9 § 4.50