Sec.32-141-3. Issuance of private activity bonds from the allocation for contingencies

(a) Any state issuer shall obtain the written approval of the secretary prior to the issuance of private activity bonds which are allocated from the portion under the state ceiling reserved for contingencies under Section 32-141 of the General Statutes, as amended by Section 2 of Public Act 87-539. Applications for such approval shall include:

(1) The exact legal name of the prospective issuer;

(2) The exact amount of private activity bonds that are proposed to be issued;

(3) The prospective date of such issuance;

(4) The purposes for which such bonds will be issued; and

(5) The statutory authorization for the issuance of such bonds by the issuer.

(b) Within fourteen days of receipt of an application, the secretary shall notify the applicant in writing of his approval or disapproval. The secretary shall approve the request if he finds that: (1) the application for approval is complete; (2) an allocation from such portion reserved for contingencies is available and that the needs for such allocations by all other state issuers which have applied have been or can be satisfied; and (3) the applicant intends to use the proceeds of the bond issuance for purposes which the secretary deems to be in the best interest of the state.

(c) Any approval to a state issuer to issue private activity bonds which are allocated from such portion of the state ceiling reserved for contingencies shall terminate ninety days after such approval has been granted. If the bonds for which approval has been granted by the secretary have not been sold within such ninety days, the issuer must reapply to the secretary for approval to issue.

(Effective August 23, 1988)