108.522. Carry-forward election, procedure. - Missouri Statutes

Carry-forward election, procedure.

108.522. On or after December fifteenth of each year, thedirector may, in his discretion, approve a carry-forward electionwith respect to an approved allocation or any extension thereofif the issuer, in writing, requests such action and indicatesthat the bonds for which the approved application was grantedcannot be issued in the calendar year in which such allocationwas granted. Such approved carry-forward election shall be madeby the issuer by means of a statement, signed by a dulyauthorized official of such issuer. Such statement shall befiled with the director and with the Internal Revenue Serviceprior to the end of such calendar year in accordance with section146(f) of the Code and the regulations promulgated thereunder.An issuer may elect to carry forward such issuing authority onlyfor qualified mortgage bonds, exempt facility bonds, industrialrevenue bonds, mortgage credit certificates, qualified studentloan bonds, qualified redevelopment bonds, as such terms aredefined in sections 142, 143 and 144 of the Code, or for bonds tofinance a project described in section 141(d)(1)(A) of the Code.In no event shall such carry-forward be effective for a periodlonger than permitted by section 146(f) of the Code and theregulations promulgated thereunder. The director shall notapprove an allocation for private activity bonds to be issued forthe purpose of financing a project described in section1317(3)(F)(ii) of the federal Tax Reform Act of 1986 unless suchbonds are to be issued after December 31, 1989.

(L. 1987 S.B. 351 § 108.517, A.L. 1989 S.B. 295 & 312, A.L. 1991 S.B. 145)