WHEREAS, on November 10, 1986, Executive Order 86-06 was issued to provide for the administration of the Private Activity Bond State Ceiling Volume Cap, (the "State Ceiling"); and
WHEREAS, it is critical to utilize all of the State Ceiling for 1986; and
WHEREAS, Executive Order 86-06 would preclude the carryover of any portion of the State Ceiling to the Student Loan Finance Association in its present form; and
WHEREAS, the timing of the Tax Reform Act of 1986, and the limited amount of time available to Issuers of the State Ceiling, has created a need to dispense of an unexpected carryover in a more equitable manner.
NOW, THEREFORE, I, Booth Gardner, Governor of the State of Washington, do hereby amend Executive Order 86-06 as follows:
Section 4 Sub A, after "first" and before "shall", delete "$15,000,000" and insert "$50,000,000".
Section 4 Sub A, after "the" and before "Student", strike "Washington", and after "Loan", and before "Association", strike "Guarantee" and insert "Finance".
Section 4 Sub A, would then read as amended: "Any portion of the State Ceiling which has not been utilized by 12:00 noon on December 31, 1986, up to and including the first $50,000,000 shall automatically be reallocated to the Student Loan Finance Association for the purpose of issuing qualified student loan bonds, and shall be considered a 'carryforward' as described in section 146(f) of the 1986 Code".
With the foregoing exceptions as stated, Executive Order 86-06, remains in force.