§ 7.328. Miscellaneous provisions.

 (a)  State agencies and other entities involved with the issuance or approval of qualified private activity bonds related to this subchapter will cooperate with the Department of Commerce and the Housing Finance Agency in implementing this standby allocation system.

 (b)  Issuers failing to comply with the requirements of this subchapter will be denied standby allocation approvals until compliance is achieved.

 (c)  If standby allocations provided under this subchapter are superseded by regulations adopted under section 6 of the Tax-Exempt Bond Allocation Act (73 P. S §  397.6) or a similar State statute, the Secretary of Commerce or other State officials responsible for the promulgation of the regulations are directed, to the fullest extent permissible or required under State and Federal statutes, to give full force and effect to standby allocations adopted under this subchapter.

 (d)  The Secretary of Commerce is authorized to incorporate by reference any of this order into regulations adopted under section 6(a) of the Tax-Exempt Bond Allocation Act (73 P. S. § §  397.1—397.8) and the Housing Finance Agency is directed under section 501 of The Administrative Code of 1929 (71 P. S. §  181) to assist the Department of Commerce in the performance of its duties as provided by the Tax-Exempt Bond Allocation Act.

 (e)  This subchapter shall take effect immediately and apply to qualified activity bonds subject to the volume cap proposed by the Tax Reform Act of 1986.

   The provisions of this §  7.328 amended by Executive Order 1986-5, dated October 17, 1986, effective October 18, 1986, 16 Pa.B. 3920. Immediately preceding text appears at serial page (109823).