§ 7.323b. Qualified small issue bonds.

 An amount equal to $444,487,500 shall be allocated for qualified small issue bonds under section 144(a) of the Internal Revenue Code (26 U.S.C.A. §  144(a)) to be amended by the Tax Reform Act of 1986. This amount shall be allocated among counties by the Secretary of Commerce. A county shall receive a minimum allocation equal to the greater amount of either preliminary allocation requests issued under Executive Order 1986-3 and for which bonds sold will be subject to the volume cap proposed by the Tax Reform Act of 1986 or 25% of allocations provided under section 5(a) of the Tax-Exempt Bond Allocation Act (73 P. S. § §  397.1—397.8). A specific qualified small issue project or use granted a standby allocation under Executive Order 1986-3 (16 Pa.B. 2277) and subject to the volume cap proposed by the Tax Reform Act of 1986 shall receive an allocation under this section subject to the same terms and conditions imposed under Executive Order 1986-3. Amounts not distributed by these minimum allocations shall be allocated among counties proportionally based upon their total issuance of qualified small issue tax exempt bonds during 1985. Requests to apply this allocation to specific projects or uses will be reviewed and may be approved or disapproved by the Secretary of Commerce. Applications for allocations shall be made to the Bureau of Economic Assistance in the Department of Commerce. The Secretary will provide standby allocations for qualified small issue bonds utilizing the same procedures and subject to the same requirements imposed upon qualified small issue tax exempt bond authority allocated under the Tax-Exempt Bond Allocation Act.

   The provisions of this §  7.323b adopted by Executive Order 1986-5, dated October 17, 1986, effective October 18, 1986, 16 Pa.B. 3920.

   This section cited in 4 Pa. Code §  7.325 (relating to reallocations).