Section 1100.255  Requests for Allocation

a)         The Authority will not allocate volume cap or request an allocation of volume cap from the Governor's office until all basic documents for the transaction have been submitted to the Authority in substantially final form, a public hearing with request to the financing has been duly held and the Authority has adopted a final resolution authorizing the issuance and confirming the sale of bonds.  However, during the two months preceding the effective date of any tax legislation passed by either house of the United States Congress, the Authority may waive the requirements that a final resolution be passed prior to submission by the Authority of a request for allocation for all projects pending at the time of such waiver.

b)         During the calendar year, the Authority may receive cessions of bonding volume.  Such ceded bonding volume may be restricted or unrestricted, depending on the resolution of the municipality pursuant to which it is ceded.  If restricted, the Authority will use such amount of ceded bonding volume in conformity with such restrictions.

(Source:  Recodified from 14 Ill. Adm. Code 1220.320 at 31 Ill. Reg. 12104)