§39B-4 Report of unused allocation; reversion to State.
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/hi/39b-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§39B-4 Report of unused allocation; reversion to State. The director of finance of each county shall report to the department and Hawaii housing finance and development corporation in writing by November 15 of each year as to the amount of allocation to the county that has not been applied to private activity bonds in the year or assigned pursuant to this chapter.
In preparing the report, the director of finance of the county shall deduct any allocation that is unused or unassigned as of November 15 but will be applied to private activity bonds on or before December 1 of the specified year.
Unless the director of finance of the county or any issuer, by written certificate, indicates to the department and the Hawaii housing finance and development corporation before November 15 of each year that it intends to carry forward all or any portion of its allocation that has not been applied to private activity bonds in the specified year or assigned pursuant to this chapter, the unused or unassigned allocation shall revert to the State on December 1 and the State shall be entitled to carry forward the unused or unassigned allocation as permitted by federal law. [L 1991, c 58, §1; am L 2022, c 182, §3; am L 2023, c 262, §2]