17-5-1311. State's volume cap and reservations -- department to adopt rule.
101 words·~1 min read·
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17-5-1311 . State's volume cap and reservations -- department to adopt rule.
(1)For each calendar year, the state's volume cap is the amount specified by the department pursuant to subsection (2). In each calendar year, subject to the provisions established by 17-5-1312 and 17-5-1313 , 70% of the state's volume cap is the state portion and 30% is the local portion.
(2)The department shall adopt a rule for the state's volume cap specifying the maximum dollar value of cap bonds that may be issued in a calendar year. The rule adopted by the department must consider the volume cap.